Ann: Accounts Lodgement Update , page-89

Be jesus 123 enen, every time I get ready to write something up, you beat me to it.

Those were a couple of the points that I was going to bring up to the forum. But you left out the one aboiut the occupancy expenses.

Yes the admin. expenses have gone up by more than three times, the employees benefits have gone up about five times, and what you forgot to mention is that the occupancy expenses have gone up as well by more than 10 folds.


Than there is one more thing that it seems that bleasby has left out altogether.

And that is about the loan with RIZHAO PORT GROUP which was effected on or around the 2nd of Oct. 2012 amounting to approx. $23mill USD dollars. That loan and it's repayment schedule appears within the report itself as follows:.

Presale agreement #1 = 3 shipments for $2,899,76 in total,
Presale agreement #2 = 8 shipments for $24,687,465 in total.

That will amount to a total repayment of $27,586, 541 which will include an interest of penalty factor, whatever one wants to call it, of more than $4.5million US Dollars. If that loan has to be repaid within 12 months, that would be a loan at approx. 20% interest. Not a bad way of screwing someone out. Usury at it's best IMO.

Also while I agree that the lower the $AUD is in compare to the $USD it is better for us when we will receive payments for our Iron ore, we will still have to repay our loans back in $USD dollars, not $AUD dollars.

I cannot see anywhere in that report that the RIZHAO GROUP loans has been restructured, hence why I have entered it as loan that will have to be repaid.

Interesting to note though, that, while no one made any mention about Ms.Wang and what she has had to do with us, based on a proper look of the report, I have found out that Ms wang is closely related to Mr. Wang who is the General Manager of RIZHAO PORT GROUP.
Now I might be wrong here but, is it any wonder that she would have had a fair say into what was going to happen with her50% stake in Cockatoo.??

There is a little more that could have to be discussed in these threads, but one thing at the time as they say.

I found it also very hard to determine as to what liability and to what extent, if any, WEG will be involved with those loans. One would assume that they will have to be liable for their share of the repayments money, or that those repayments will come out on a 50/50 basis from the proceeds of the Iron Ore sales.

It is interesting to note as well that WEG is still entitled to get their 3% commission from the sale of any iron ore, while I couldn't find any mention if we are still going to receive the $5 per tonne or thereabout from the sale of Iron ore as we were previously advised.

I wonder if the company will issue a follow up report clarifying those issues.

regards