“clearances have taken several weeks to be processed through the ministries of both Coal and External Affairs.”
It has taken months to get through government red tapes and finally to get the clearances from the ministry of coal and external affairs
( taken weeks not months for approval).
“The agreement is now progressing through the Ministry of Steel, with the expectation we will soon gain the final clearance to sign.”
I take this as it has now gone to the ministry of steel ( they have their couple of weeks to look at signing)
“Ministry of Steel has sought guidance from two Government departments with respect to confirming the statutory requirements and protocols for the signing of this type of agreement.
Of the two Departments, one has already provided their ‘no objections’ clearance and the Ministry of Steel is currently awaiting the other.”
I take this as ministry of steel are ready to provide approval ( why would they object the technology is a benefit for them) but are just confirming from the final 2 departments which 1 has already provided no objection.
IMO deal will be approved any week now but It doesn’t bother me if it’s signed today or 2 months away – been waiting over 7 years now so I know the reward is coming.
Day traders want the deal now they are not concerned with the amount of hours / work the management team have done to get the deal to this point – they don’t care that we have a penny stock dealing with 2 massive Indian entities ( obviously they feel that ECT have a game changer on their hands and they want in.) MAnangement should be commended especially with the effort / image makeover / branding /website / presentation - In the last 2 years they do look more of a professional outfit.
It would be good if approval and signing announcement just comes out of the blue and the ones looking for a quick buck get caught out. This one is a waiting game if you can’t wait the sell button is there but management need to be commended on the effort rather than sticking the boots in when signing or approval hasn’t occurred – it just takes time. Long termers should definitely be rewarded!
PS - Looking forward to the signing and lift off.
Cheers
M.oz
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