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What fantastic news for all us LTH. It’s now a matter of time before offtake and start of production.
With the news that Oluvil port is now operational which was a concern for many https://www.dailynews.lk/2022/08/01/business/284133/oluvil-fisheries-port-opened-after-decade-public
Now we have the biggest risks to the investment address the IML. We know this company will go into production. Understandable the gov in Sri Lanka have many issues to address therefore to get this over the line is massive achievement.
Let’s get off take sorted and into production
Its a start (I'm pleased) but a bit of a **** take "16 hectares", FFS
It’s 39 acres from my math which is some distance given it’s not about land size it’s also about depth.
16ha is 0.16 km2, JORC recourse at present is to 3m depth
At long last, this is really good news. No reason I can see why other IMLs will not follow in due course. Another significant de-risking factor ticked off. We now need MF to come good on all the bullish talk about strong offtake interest. The timeline to production is, arguably, now back in CMET's hands?
It is also just the first license. I can't imagine an increase in area will have to jump through all the same hoops. The main thing is they get the infrastructure in place - which I doubt will take long - then they get on with things. From what I understand , everything else was in place before the IML, so there shouldn't be much holding them back. I would expect everyone will be happy about foreign investment and good jobs being brought to the country in its current state. Onwards and upwards.
About a quarter of that land area will be taken up by building and machinery depth of mining will be restricted Ted by the small print by the local government, don't get too carried away yet
stopped looking at this regularly - so this is a very happy surprise.
They have a number of other IML applications in the works - best thing here company can now move forward
Great Stuff.
Really not sure how anyone could spin a negative on them receiving their FIRST license and being able to move forwards. Great news today.
Same PFG; welcome back.
Should be a good news period now; Port is sorted; offtake news to come hopefully. If Frayne can come in and say no big placing at this level; lots of good news to come then this might finally re-rate. Mineral prices still at ATH so would like to see this back in the teens sooner rather than later.
I really can't see any reason why the Sri Lankan's won't grant the remaining IMLs. The minor risk was whether they would grant them at all, and the major risk was the timescale. Now that they have granted the first ones, as the RNS states, you would expect others to follow.
It would be nonsensical for them to grant insufficient IML to make the project viable. And in an economic crisis?
Agree. this is just the start. Its an indicator of intent, but also should facilitate discussions around funding. Good news. We are certainly in a much better place than this time last year, though the share price has been punished. GLA. I have added more today
Some weird trades today even with the spread moving about...
Query over who is selling this tiny increase; I'd like to think this is going to return towards the teens given that there's been no dilution and revenue at some point is now guaranteed?
People sell for all kinds of reasons so I'm not concerned, glad to see this IML eventually happen after such a long wait
Funding in whatever form it comes will be the next big step forward, can't see a big placing being done at these levels, offtakers are apparently desperate to get involved so the way forward should be revealed in short order.
I wouldn't be surprised if it's not all lined up and ready for sign off any day now.
16ha will result in 2 years production at 3m depth, or more likely 4-5 years at full depth, so it's a useful area.
Some reasonable progress made, and hopefully some further detail to come which justifies the £78k but today…
Massive gaps to be filled; needs such little volume and we will see this re-rate very quickly.
Hoping for more news and maybe some PR this weekend. This needs to get back into the teens rapidly then see some growth. The fact this project has been hugely de-risked is yet to dawn on the market atm. There is revenue coming, the port is open and all we need to do is offtake partner then dig.