Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The London Stock Exchange is the place to be guaranteed of RNS publication. Having been caught out once before i always check that first before any other sites. I also have alerts set up on their website. I noticed the PREM RNS at 07:02. All other websites drag the data in and therefore subject to delays/errors.
Always check the London Stock Exchange for guaranteed info especially in the days of Social Media where false narratives are spread.
Good News that both parties continue to have constructive discussions.
As other have mentioned Canmax will not sign up to anything until SC6 is produced and I'm sure will continue to tread water with PREM until product spec is confirmed.
PREM are progressing the Commissioning process and have made improvements, but with many new technology it takes time to tweak the equipment to achieve the full spec.
Although not inline with original timescales they do appear to be nearing a conclusion.
Ackers prediction remains on track.
There are many ways to skin a cat contract wise. I would have thought there would have been a Bonus-Malus arrangement for this type of work to drive suitable behaviours.
For Stark to deliver, George will have had to provide some input to a suitable standard eg raw material spec. If that spec is not delivered Stark's design may not work. I've had Process Engineers stating generic chemical specs but in reality there were contaminants in the feed material. This led to unacceptable by products. .
I saw it as a holding statement. Should was used many times. Saying he's not been on site since Saturday is a cop out in my opinion. When my Projects had issues (not many I promise!!!), I would have daily/regular mtgs/updates from Const/Comms and I'm sure he will have frequent updates but until any firm material data he cannot say and obviously via RNS. These updates if going well give him an advantage in his negotiations with Canmax. He did come across bullish and if things were going badly he may have looked different, unless of course he's got an exceptional poker face.
Aker - you go into an interview with your message and no matter what the question you get your point across. Reading between the lines and body language is key but I'm no expert in the latter. It's a game between the 2 sides. If th ejouirnalist is rough on the interviewee then they won't be invited back.
Having been through Media training allowing me to be put in front of journalists for the global company I worked for part of the training was about how journalists are 'allowed' to behave. It's not in the interests of the journalists to upset the interviewee. Mark has a tightrope to walk despite us and probably him, wanting him to as hard questions.
Acker - thanks. Thats the easy bit. It's the commercial aspects that are even more complex and subject to wilder guesses.
My take on it is that its good news they are talking, but who has the upper hand or who is most desperate? Is George playing poker and his potential request for a special resolution a bluff or panic. Canmax are playing their cards close to the chest. We will know all in due course.
Watcher - It comes down to interpretation of communications. I understood teh 2 weeks to be for equipment installation. Now does that mean MPI's or Mechanical completion including all E/I/C/DCS? Then we have commissioning period to prove the kit. It sounds like they plan to commission (prove) by end July or is that just first production then a period of refinement. Unfortunately the terminology used, allows misinterpretation and assumptions by investors.
The fast track approach taken has benefits but it also has risks. Having been involved in a fast track project given a 1 in 40 chance of success there are risks which did bite us but with a planning contingency for commissioning period we could resolve the risks is a timely manner.
Prem have been bitten by the approach but have plans in place for resolution. Once these are delivered and the raw materials are suitable the benefits will be delivered.
Mick, Canmax will have a totally different view to George. Who is right? likely neither fully right. Remember George has failed to deliver which is a fact.
As a project manger if my projects were late I could blame opoopr design, suppliers or construction but it was my responsibility to ensure they delivered.
There is always a way forward as long both sides are willing to compromise and it saves the lengthy court process.
But people can be strange . I've seen one company stop all work globally with one supplier who they thought were responsible for the failure..