Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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IMO the offtake, equity and dept, not to mention the construction EPC and Owner's Engineer would all be sorted before now if the marine licence had of been in place, as it should have been. Perhaps the chairman would also have still been in post.
However (also just my opinion) when the licence eventually gets the all clear, that is when I think all the contracts will suddenly be signed....and that (IMO) is when the SP will ignite.
I stress...all IMO only.
Snow,
Your post tends to indicate that the full Marine licese issue was perhaps overlooked? and that is why the Chairman left?
On reading today's detailed update it states:
The Company is focussed on converting its draft marine license into a full marine licence. This draft license was issued after numerous communications, consultations and detailed discussions at a marine stakeholder group meeting hosted by Northern Ireland's Department of Agriculture, Environment and Rural Affairs' (DAERA) equivalent at that time. The Company was notified of certain actions that would be required to be undertaken prior to conversion of the draft license to a full licence. Therefore, as a result of the work undertaken during FEED, the Company has now submitted to DAERA, an updated Brine Dispersion Model, Shadow Habitats Regulation Assessment and a detailed Diffuser Arrangement. This work is being carried out with independent verification of the brine dispersal model by a third party and will be submitted shortly. The Company has also provided a draft marine monitoring plan, which includes live monitoring of brine discharge and will facilitate its shut-down should license discharge rates be exceeded.
The environmental experts commissioned by the company to undertake this work believe all the studies show better results than previously indicated and are within the current regulatory guidelines. Hence the Company believes that the draft marine licence will be converted into a full marine licence at the appropriate time. We are not aware of any reason, at this point in time, that will preclude a marine license being granted, in a timely fashion, for these works.
Further, DAERA has provided the Company with clear guidance that any changes to its initial submission would result in a delay to the proposed construction timeframe, but the Company is pleased to report that it has reconfirmed to DAERA that nothing material has changed from its initial application and that it is progressing as planned.
The important line reads, Hence the Company believes that the draft marine licence will be converted into a full marine licence at the appropriate time. Therefore it reads as all is it should be and on track! which suggests there has been no oversights! Im not saying that you are wrong here just putting my point of view forward.
As Iv'e said previously, these projects take time and numerous consultations will take place, it's part of the project.
Having said that I'm slightly disappointed that the sp is where it is, I would expect it to be rising shortly on anticipation of some positive updates.
Mr T
Afternoon MrT. Valid points made and just to emphasise one piece of the extract; “The Company was notified of certain actions that would be required to be undertaken prior to conversion of the draft license to a full licence. Therefore, as a result of the work undertaken during FEED, the Company has now submitted to DAERA, an updated Brine Dispersion Model, Shadow Habitats Regulation Assessment and a detailed Diffuser Arrangement.” The Marine license was unlikely to be an oversight. FEED was a pre-req to advance findings for submission to DAERA, the draft license enabled those findings to be undertaken. All this noise about the Marine license is merely from the eco groups. Given the findings are better than expected and well within the regulatory guidelines it should be a none issue. Today’s update was excellent.