RE: RE: Project and Corporate Upda i posted some days ago:
"I believe that NML and Tata Steel are deliberately deferring the annoucement of the Taconite FS because after that they would have to make the financing (if you believe Tata will make a positive investment decision and NML is up for the additional 16% paid equity interest).
i believe they won't like to handle the financing at these current market conditions. NML would highly dilute their shareholders at that share price.
but i see the deferal positive. the DSO project would get more time to develope and generate more cash-flowand the Taconite FS could be arranged at bettet conditions."
-------------------------------------------------------------------------------------------
but then i read in the financial report for Q1/13 the following for the Taconite project:
"After completion of the feasibility study, the option will allow Tata Steel four months to make an investment decision involving the development of either one or both of the projects. If Tata Steel exercises its option then it will pay the Company 64% of the costs incurred prior to the feasibility study to advance the project(s).
As at March 31, 2013, NML has received $23,810,000 (December 31, 2012-$21,470,000) from Tata Steel on account of the option."
---------------------------------------------------------------------------------------------------
The costs for LabMag and KéMag are $25.3m and $14.6m --> 64% of that are around $25.5m
So Tata Steel already paid up the whole costs for the Taconite projects to NML???????