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*currently 12.25p
Interesting it was ticking up through Friday too
My gut feel is we could see news this week
TMS tweet feels like a hint
Massively undervalued due to bored investors - this should be trading nearer 50p towards production, currently 11p
Craig said in podcast that the government officials were fast tracking zoom meetings etc - that’s positive as most government officials sit on their hands
Production 2022
9 trading days to go.....finger crossed.
I am expecting a RNS this month.
Oops sorry, meant to address that to LW
DRJJ, wrt an RNS if timescales materially impacted, that was exactly the point the CEO of TMS made on twitter yesterday.
I've just re-read the Operational Update from June. There are quite a few dates/timescales given in there. If there has been significant delay since which has materially moved those timescales, then you would expect the company to have provided an update to the market. I remain hopeful that the TEC has at least met, because the June RNS said the TEC was imminent and was hoping to meet in July. That was before the current lockdown, and as stated, if the TEC meeting did not go ahead in July or has still not met, then you would expect an RNS about that.
Interestingly, I've just spotted that we have contracted the GSMB to do the drilling for us. They are a public body and fall within the relevant Govt Dept. I think that's a positive. The drilling is anticipated to start in Q3, so hopefully the current lockdown will end in time for it not to be massively delayed?
agreed Craig - one would HOPE that they have more or less negotiated offtake agreements, subject to EIA, ML etc. SO I would hope the EIA approval would open the floodgates to good newsflow.
BUT when, when, when...lol
Yep it's a waiting game. I just hope it's like a dam waiting to burst! I would very much hope that whilst the EIA has been delayed they have been doing as much as possible elsewhere and haven't been just twiddling their funds!
Rather than drip (me whinging!) I wrote to them today. Probably achieve not a lot, but it felt better than just venting on here. So if we get an RNS tomorrow, with substance, I’ll take the credit!
Interesting co
tweet from CEO of TMS https://twitter.com/DavidBurton1971/status/1438513926115770377
The Company said on @TMSreach
Podcast at the end of July, that “EIA should Be within a month” so we are a few weeks over…
…any further delays the company would have had to report it. Just sit tight unless you bought #CMET on a t20 .
I think it depends on the detail. If they say it has got past the TEC and is now waiting sign off then I think that would be well received because it would show a) that progress HAS been made, b) the EIA IS moving along the process, and c) there is nothing for us to worry about in terms of the conspiracy theories.
That would represent a 'strong buy' development for me.
I don't want another RNS stating EIA is all but signed off, as it would be devastating to the share price. It would drop to the 7s for sure.
At least SRI Lanka continues to make progress on Vaccination program:
2nd dose administered
10,747,236 (50.0%)
1st dose administered
13,602,365 (63.2%)
The whole engagement and communication with shareholders needs looking at. I was told before I invested here that Sri Lanka can be a slow jurisdiction and delays are not uncommon. That bureaucracy is bad there at the best of times. So you can imagine Govt Dept readily shutting up shop, especially if they are still being paid, during the lockdowns. That sounds cynical but it wouldn't surprise me at all. Then we have the added complication that we are probably reliant on local CMET 'staff' to do some of the chasing for us, and who knows how motivated and incentivised they are (as they will no doubt all continue to be paid), and how much authority they carry with officialdom in Sri Lanka to push things along. But it all takes us back to the same point, we need communication from CMET to let us know what exactly is/is not happening right now.
no disagreement LW.
Whomever is in charge of Communications at CMET needs a nudge.
So the TEch Mgr first tranche of incentives kicks in after 3 months - that's it, that's the whole reason he gets it, because he remained 3 months. What I want to know is what has he done in that 3 months, all progress at this stage is meaningful.
I think there are things we can usefully be told even if the EIA is not ready, to at least evidence to us that progress is being made on it and all is well. For example, at what stage is it at in terms of the process for EIA itself. Previously, we were told that it was waiting for the TEC meeting, but that meeting had been delayed because of Covid. Then we were told that the TEC was hoping to meet in June/July (?). There was then another communication saying it was imminent. Then they stopped mentioning the TEC at all. If the TEC has not met and is a necessary key part of the process, then how can the EIA be imminent? If it has met, then we might be told the outcome of that, i.e. the EIA has been approved by the TEC and is now waiting ministerial sign off. That would reassure shareholders and re-assurance is very much needed.
Regarding drilling PaulFG, I think Covid is likely to have had an impact on that tbh. Hard to imagine them being able or allowed to drill during a lockdown? Also, for something as positive as drilling commencing, you would expect some tweets at least if they were drilling? But again, this is something they need to update us on.
I hear what you're saying DRJJ. What I have found over the years working on projects in different cultures (more so than language issues) hiring a local consultant that knows how to navigate those waters and talk that talk is worth his/her weight in GOLD. I would have hoped the folks in Damsila Sands Exports would have been more useful here, but perhaps they're not at the level as government/bureaucratic contacts.
Anyway, I don't disagree with anything you're saying and hopefully we'll see something soon, if not on EIA then at least some drilling news. After all if the company is so convinced on the EIA then they shouldn't be holding back moving forward with drilling. Is that logical?
My other slight concern was around those minutes from the Cabinet meeting and the establishment of this 'natural resource' type committee - I'm hoping this extra layer of bureaucracy will aid rather than delay progress. But...
I have seen many comments on this “it will be here within a month”. Many people have viewed this in many different ways in what was a interview not an RNS. Yes he should know better, but he may of been of the view it was nearly there and I expect everything that CMET can do they have done and are waiting on a minster signing a piece of paper.
Working in projects, there can be delays outside of the “projects control” that you just have to deal with. In particular in a country that his not his native language. This is with the government for approval and they will approve it when they feel like it, yes we can apply pressure but this needs to be done in a controlled manner.
Don’t get me wrong, I like many others would love an RNS saying EIA approved, but I also don’t want one saying it’s nearly there. (No news as we know that).
I would be more nervous if this was new company drilling and pumping results. We are on the verge of significant change, from development company to a company bringing in revenue once construction starts.
Just sit tight, trust the process of why you have invested. Me personally, I am putting this away in draw and I will check back in late November 2021.
All the best