RE: Re: m/cap16 Nov 2023 09:52
As stated in the press release dated 2 October 2023, a number of factors arising from the completion of the detailed engineering work has led to an increase in material and quantities, scope changes, increased costs around the main electromechanical erection contract and increased duration on delivery schedule. These changes require additional financing resulting in an expected increase in the overall Project capital requirement by at least 35% (from the current capex budget of US$537m) and delay of first production to Q3-2024. Reta Engenharia is expected to complete its capital cost and schedule analysis report, following which an independent technical advisor, nominated by Senior Lenders will review the updated costs with targeted completion by mid Q4-2023.
They need at least 300 millions from somewhere to finish this project. As it increases 35% over compared 528 millions original.
That is why construction contrctor were told stop wirking at site and waite 4 months . Peoples need to understand why they must stop building and 4 months wait show there is big trouble ahead for them . Very worry sign as it go nowhere at moment and big shareholder seem dont want pump money money into it .