Hi greenback,
Thank you for your note, indeed a very reasonable and balanced view!
Just a couple of points -
Once the ILUA is executed by both parties, it will then need to be registered. Only after registration can the licence be issued by "a crack squad of DNRM bureaucrats on standby"
My opinion is the agreement between LNY and the EAC is finalised and awaiting the Mill (which should have been re-commissioned in Sept '17). EOPL have advised re-commissing is expected to be completed prior to the end of 2017. I have made my views crystal clear on this delay and said enough!
Logically, it would be financially counter-productive to execute the ILUA (thereby allowing the issue of the ML), without first having the Mill ready to spin. Since, the granting of the ML will assuredly trigger a chronology of events and associated costs including (but not limited to), the Environmental Bond - Financial assurance.
All the best,