There is currently 52,500 tonnes of iron ore stockpiled at the port ready to be shipped.
The Chinese national holidays finish this week and arrangements will be made to sell
and ship the iron ore. We expect a further shipment will be ready in early November
2008.
Under the Admiralty/CMSB joint venture agreement CMSB is required to
repay to Admiralty the 4 year cumulative debt, currently US$38.99m
outstanding in February 2009, otherwise all the assets go to Admiralty
under a security charge arrangement.
There is currently 52,500 tonnes of iron ore stockpiled at the...
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