Ann: Update on Indonesian Ore Supply Strategy, page-32

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tt2000

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13/07/20

23:35

Post #: 45839094
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Originally posted by tt2000 ↑

Can any of the believers in GMC please help me understand the following

On 28 August 2018, GMC state:

Gulf Secures A$10.8M Cornerstone Investment

“With funding now in place, we are focused on three key objectives; the commissioning of our smelters safely, on time and on budget, acquiring a financial interest in producing manganese mines in East Nusa Tenggara and securing a Direct Shipping Ore (DSO) export licence. Progress on all these fronts is encouraging and we are confident of meeting all deliverables and realising more value for our shareholders.

As previously advised, construction continues to progress well at the Kupang Smelting Facility (see Fig 1 below) with approximately 60 per cent completed and commissioning of the first two furnaces expected to be commenced in Q4 2018.

On 8 January 2020, GMC state:

Gulf Secures €52 Million Loan Facility to Complete Kupang Smelting Hub Construction ProgramGulf will now be fully funded to complete the construction and commissioning of the first two smelting furnaces at the Kupang Smelting Hub facility in West Timor, Indonesia.

As previously reported, construction of the facility is currently 60% complete, with approximately US$13 million and a further 6-7 months’ work required to complete the first two smelting furnaces.

Questions

If GMC stated that the funding they received of $10.8M in Aug 2018 was to focus on three objectives, one of which was the commissioning of our smelters, and the smelters were 60% complete in August 2018. Then how, some 17 months later (in January 2019), after exhausting all the $10.8M funding, can the smelters still be at 60% completion in January 2019

How has there been zero construction progress in 17 months between August 2018 and January 2019?

And what were the uses of the $10.8M, given no progress in construction?

These are the facts - I would really love to understand some answers!

View attachment 1982611 View attachment 1982614

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@walterwhite2k

Bizarrely, GMC's smelter has been 60% complete since 28 August 2018 (almost 2 years ago).

So in 2 years, or 24 months there has been zero construction progress, by GMC's own statements.

Yet 3.75M burn in cash in 6 months on directors fees, admin costs and professional fees.

Disgusting.

But at the end of the day, big Hamish wants to get paid!!
GMC Price at posting: 0.6¢ Sentiment: Sell Disclosure: Not Held
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