tide has turned, page-25

The minimal ore sales are not even covering debt. KAB is still borrowing and living beyond their means. Maybe they really will rapm up production, or maybe the first 2000t to Noble will be like the first (and only) Sino sale.

We need to see the margins. Opereating costs are high. It is a bulk commodity, and Noble are doing the marketing and logistics. Doesn't leave much cream for KAB. Just enough to service debt and pay salaries. But why didn't Noble release more of tranche two?