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16/03/19

18:18

Post #: 37785715
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Originally posted by marcmarcoz ↑

What I would like clarified, the last announcement should have Explained and stated:

the RCA is in a FROZEN status currently and has been agreed to be FROZEN by all three parties that they have all agreed with the commercial terms

And the Board Meetings being held are only to provide approval to proceed to Sign The RCA?

I Think ECT really need to clear up where we are at with the RCA agreement - has it actually been FROZEN. if you look at the announcements in Feb - Does it actually say that the RCA has been Frozen by NLC and NMDC. It hints it does,

In which case on the 28th FEB where ECT had it's board meeting to approve the frozen status, would this have meant that NLC and NMDC have agreed with the Commercial terms of the agreement and have had it Frozen.
Thus ECT have held a board meeting to approve the Freezing of this agreement and agree to proceed to signing.

Now..
Going through the announcements it seems on the 28th something changed as NMDC may have changed something in the agreement of the commercial terms and this required NLC to approve those terms at the board meeting.
NLC previously had accounted for the frozen status in their approval on the 14th November.

26th Feb Announcement
NMDC has committed to ratifying their prior in-principle approval for the project at their next board
meeting, with a date anticipated to be confirmed in the coming days
ECT will hold an extraordinary board meeting once the RCA is ‘frozen’ to consider the approval to sign.

Really was it ever Frozen by NMDC?

The 28th Feb Announcement ECT Rep seems to contradict the announcement or the wording with the announcement has a double meaning :
28th Feb Announcement:
NLC previously provided its approval of the RCA commercial terms late last year (14 November 2018)
subject to NMDC’s approval and consultation with the Ministry of Coal and the Company anticipates
approval of the RCA and completion of the consultation with their Ministry in the coming days.

To me NLC do not require a Board Meeting - could go Either way

ECT REPs Comments on the 28th Feb

ECT REP comment
NMDC will now need to consider the RCA for signing at their upcoming board meeting and NLC will
need to consider converting their agreement of the commercial terms to that of the final RCA and approve the signing.

NLC now need a board meeting - Has the Frozen RCA been unfrozen?

I understand that this is a complicated process dealing with Government entities but, If all three parties reached FROZEN status should it just simply need to go to the Board to approve signing the RCA is that all we are waiting for ECT?

Cheers

M.oz

Expand

NLC has only approved the commercial terms of the RCA - so they still have to approve the RCA to be signed off. Even though it is going to be a formality it still needs to be formally ratified by their board - and then NMDC to follow.

ECT Price at posting: 1.3¢ Sentiment: Buy Disclosure: Held
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