I was criticized quite a lot here when linked you to these official docs (feb 2014), referring to a capex plan
Well ... I believe some may want to reconsider
I found out that the company asked permission to upgrade the J plant ... with a budget of $40mil in capex ... right ?
With 330 days plan, 24h/day, 3 - 8hrs shift / day ... capex completion expected in Jan 2015 ...
Now ... we understand GXY has been financed by Tianqi with some 12+30 = $42mil
And the closing was/is planned by end of Jan 2015 ....
The company denied my allegations .... though being sourced by a local authority (link brings you to a local govt office)
I am pretty confident J plant is shut down since then ....
If my understanding is correct, all recent financial reports and updates are fake (no production / no sales)
Sale to Tianqi is probably true ... but they are not waiting for permission .... they are waiting for plant completion.
PS chinese build new towns for 10mil people in one year ... or 5.000km high speed train infrastructure in one year ... do you really believe they need one year to get a transfer permit ?
