I spent some time with Ian the day after the conference, so I got a chance to discuss a lot of issues, but being the professional he is he could not discuss things that are not in the public domain.
The $35mill he requires may not all be used, but he does not want lack of finance slowing down the company in the early stages.
The original balance of capital requirement of around $9 to $12mill has not really changed with only the barge and extra roadworks to port that may lift this amount slightly. The balance will be to pay initial operating costs like wages and contractors until first couple of payments come in from April onwards.
He is now in SA so he is always on the move to get this project off the ground. I told him that he is hard to be contacted by shareholders because of this, so if you need to contact the company email [email protected]
I met Reade as well, and he is very up to date with what is going on with IFE and TRF. I am sure he will try and help with your questions.
I'd be suprised if people sold on my posts, but I try and state the facts as I hear them, not what I wish to hear.
If you think negotiating finance is that easy no matter how good or big the project is then you have more faith in the Australian banks than you should. Look at Gindalbie and Murchinson metals or even Flinders who sold out. Why could they not get the billions needed to move ahead themselves?
It is not that simple of course, but at this stage one way or another this little Aussie company may prove that their vision of taking one bite at a time was the correct one to get to 12 mill tonnes a year within 4 years.
TYX Price at posting:
52.0¢ Sentiment: LT Buy Disclosure: Held
