I can accept a lot of travel, accommodation and related expenses. Doesn't mean it shouldn't be checked to ensure value. A good PA operating an annual calander, booking travel in advance and forming relationships with the right agents would cover her or his salary easily with that level of overheads.
II was interested in the BOD email regarding your AGM and GM. I accept the Board has a right to put up its case and yes TNG has had a good (ish) year on progressing some key milestones. I just wonder if they need some sort of PR advice. I mean the memo highlights 4 bullet points,
Fed approval for Mt Peake Mine Project,
TTO execution of the Native Title Mining Agreement via the various entities,
Binding titanium dioxide off take (term sheet) agreed and executed,
SMS Group "to commence engineering and Design for the entire Mt Peake Project".
Well forgive me for observing the follwing,
The Mt Peake EIS process commenced in 2015 and hit a blinders of a snag when despite being spelt out loud and clear in the NTEPA Terms of Reference (not to mention the submissions filed by CLC) TNGs consultants failed to gather sufficient ground water and aquifer base data or to address concerns in sufficient detail to satisfy those concerns. The process was extended c one year to sort tgat and I'm not sure that its still not causing delays with The completion of the MMP.
The Native land Title Mining Agreement was commenced c 2012 with identification of TOs and sacred sites etc. Delays in finalising and executing the Agreement were in part a result from the EIS issues refered above.
As for recent exection of the Titanium off take term sheet was a solid year after we were advised by the Board it was on the Lawyers table and to be tidied up befor christmas 2017. Its now in vastly different form than the updated DFS envisaged. Its current form is more a marketing and sales agreement raising the question as to whether TNG has moved away from the BOOT model titanium pigment plant to bringing the pigment plant into the TIVAN Refinery and financed and operated by TNG employees.
AAs for SMS Group taking over the responsibility for Engineering and Design of the entire project , we have had announcements for more than two years advising the that benediction, and concentrator flow sheets, have been concluded, finalised designs for this and that including aspects of the Refinery have enabled the updated DFS to be concluded etc etc etc.
So in short and while I'm real chipper there has been some progress on these fronts , I'm sorry, it's way way overdue.
Let's not forget the utterances in the last two quarters of 2017.
EIS for Myt Peake and other permitting in hand with conclusion in sight.
Final flow sheets and Design costing woven into updated DFS to proceed advancing finance in Frankfurt with ECA November 2017.
EIS for Darwin Refinery to be lodged Q4 2017.
FID mid 2018 coupled with finance developments.
Now if that BOD memo included the matters of finance, Final Investment Desisions and positive Refinery EIS updates I'd be cock a hoop. Sheet year I'd be waking up gran Pukeko and telling her that thems Board Members are the best things since sliced bread. But no I will probably take her a bowl of broth and feed it to her slowly to warm her up as I can't afford to connect the power and turn the heater on. Why cos the SP is a scungy 11 cents.
