Friday, July 26, 2019 1:27:04 PM
There is SOMETHING holding things up. I do believe it will happen, and the Big F will arrive. But, I sure thought before now. There must be, or must have been, some sticking point. Sc price and market size do seem to be the most likely culprit. Nb and Ti are known entities for price and market. We are in very good shape re permitting. SRK laid out a complete detailed mine design. Nordmin started over and did it again (and improved a number of areas.) The refining process has actually been done on actual Elk Creek ore in bench top scale.
Strictly conjecture on my part, but it might be Mark believes this is the problem and is addressing it. He did sign and Sc off take. The Nordmin design shifted the early focus a bit towards Nb from Sc.
I do recall that sometime back we more or less concluded that Ti and Nb sales would cover OPEX but do very little to pay for CAPEX. It was Sc that converted it from a break even project to a highly profitable. Since that time:
We did get and Sc off take
The market price for Nb went up
The price for Ti went up
The mine plan has been adjusted to target high grade Nb earlier
Nordmin has designed in flexibility and suggests that the mine plan be readjusted in reaction to market prices
Those things SHOULD all tend to move us in the highly profitable direction, the question is: how far? The really big question is: Far enough to convince lenders?
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