From the quarterly - As unless there is more stipulations, NST...

From the quarterly -

As unless there is more stipulations, NST can take their sweet time in refurbishing the plant. No need to buy out TAM either.... at least until must closer to the production date.




Also, as per the TAM/NST deal (2015), TAM cannot use their sell option for another year (and that is only stage 1 which is worth $20m), stage 2 worth $32m can only be used once production is achieved....

In the end, NST holds all the cards. hmmm. Unless the share price absolutely crashes, or POG goes crazy, I think TAM is in a bind and offers little upside (unless NST soon announce they are going to start producing etc).