71.5m cash in 4 days, page-7

Instalment payment due on 31 August.

When are the next couple due?



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http://www.thewest.com.au/default.aspx?MenuID=32#


The bit about CFE -

The final event was confirmation from fellow Pilbara magnetite hopeful Cape Lambert Iron on Thursday that Chinese steel tyc oon Liguo Ding would be making his first $US57.5 million ($70.1 million) downpayment on the Cape Lambert project by the close of business on Friday. The payment is the first of three owing under Mr Ding’s agreement to buy a direct 70 per cent stake in the project for $US192.5 million.

It’s noteworthy the investment is being made by Mr Ding personally, and not on behalf of his Singapore-listed conglomerate Delong Holdings. That is a pretty big personal statement of confidence in the long term outlook for iron and steel.

The downpayment is now due because Cape Lambert this month fulfilled a key condition of the sales agreement when independent consultants confirmed a minimum indicated resource of 300 million tonnes at the project. The resource lies within an indicated and inferred resource of 793 million tonnes in the so-called Central Target Area, which in turn accounts for only a portion of the project’s total resource of 2.5 billion tonnes.

Furthermore, Cape Lambert is in the midst of a 33,000m drilling program to add more tonnes to the deposit.