Just so in case this was missed.....the 2 Chinese companies ARE The actual buyers and Mitsubishi the marketing agents only. Now the buyers want their name to also appear on the sales contract. So they had to be re-done with legal approval.
China is on a week golden holidays...these signed contracts would come back AFTER the management return ......GMM expect payment of the 50% by then.
In usual contracts of sale , the LC will arrive just before the shipment , but in this special case the buyers agreed to pay the 50% up front and basically fund the production until 1st shipment.
The 1st shipment is still on track but with the July/August date given it appears it is most likely August in view of the waiting for the agreement and funds to be deposited...
GXY Price at posting:
36.5¢ Sentiment: Buy Disclosure: Held
