funding, page-3

And how about this from a little bird sitting on a wire:

A recent presentation to one of the major Stockbroking firms in Sydney in January. (Shorthand notes)

"2014 will be definitive year"
"Ironclad project 20% interest will start shipping iron ore in September. Also owns 27% of ironclad itself. $22m still to be invested, should be repaid in 14 months based on 1mtpa dso production. Talking to banks about this."

Just a reminder Ironclad & Trafford had $3 million in working capital for their port project (check announcement Decemeber 13th last year) And they had to make 46 minor government amendments to Lucky Bay Port, regarding acoustics, stormwater, EPA noise levels, etc etc. This would of taken some to complete. There was also a government submission regarding having to build a small acoustic wall in front of some old Beach shacks to prevent noise. All these costs have to go back into their Budget Forecasts, projections, Cashflows, expenses etc etc.

I think we are not quite there yet, as negotiations do take some time, with relevant Banks, stakeholders, and lawyers. And more importantly the finer details, contracts have to be drawn up, Etc etc.


Anway Im not selling out to weak hands.
Arlberg1