Two Options - Which is TrueOption 1 - FT is obsessed with developing NICO in-house via a vertically integrated operation, however lenders are not convinced FT has the capabilities and resources to bring the operation to production on budget.
Seriously, would you lend FT a billion dollars to develop NICO, knowing that they are basically one guy in an office.
Major risks are lack of project execution capability and cost escalation due to challenges of working in the North.
Option 2 - Major miners are not interested either due to the project economics or unfavorable business deals offered by FT. The challenge with this deposit is what will pricing look like 4 years down the road. Big question mark.
There seems to be a disconnect with FT management and what the business strategy should be. At the moment there does not seem to be a plan to bring NICO to production.
I contend that the project economics and capital requirements make this project uneconomic. Why else would this not be snapped up by a big player.