Ann: Gulf Capital Raising Update, page-22

ConcernedCitizen, why hasn't GMC indicated the size of the furnaces purchased? When you consider the other furnaces that Transalloys has purchased over the years its likely that the furnaces purchased are in fact those old furnaces.

Further to my earlier info, in 1964 Transalloys also installed 2 x 4MVA open arc melting furnaces. In 1976 Transalloys purchased a new 48MVA furnace, followed by a single 22MVA furnace in 1981. In 1990 Transalloys purchased another 48MVA furnace in 1990 but wasn't commissioned until 1992 due to market conditions.
The 2 x 4MVA open arc melting furnaces were upgraded to 7MVA but I understand it is infact the two original 15MVA furnaces from 1964 that Gulf Manganese has purchased.
You have to ask yourself, why weren't these 2 x old furnaces used for a decade? Why weren't they sold for scrap metal value only.
I guess Transalloys thinks a $1 million from GMC is better than taking to the tip.

Transalloys currently operates 5 arc furnaces comprises of two 48 MVA semi-closed furnaces and three 18 MVA open furnaces. The 48MVA are the original ones purchased in 1976 and 1990, they were upgraded.
IN 2012 Renova bought into Transalloys and $200 million was spent to upgrade the old equipment and to buy two new furnaces and and a sintering plant.

I'm surprised that GMC shareholders don't do any research, why invest your money if you don't take your time to do your research, don't just believe the crap that some Directors sprout.

If you really think that you're going to have a competitive manganese alloy business with these old furnaces and with expensive power/electricity, you'll need more than luck.