all systems go, page-12

Hi Irish23

I noticed the wording also, and called the company this morning. The reply I was given is that the Feasibility notice will be served to Shougang by 20th June and they will need to elect to proceed or not. They will then have 3 months to arrange finance, which will be finalised by September. There is no purpose in them securing finance until all details are provided to them (feasibility), nor can they without all of the details.

I did not receive a clear answer as to whether we will hear of election to proceed or not in June or September. I would assume that all details would be fed to the market as soon as the company knows.

The extra tonnage I don't believe has delayed the BFS for Shougang as they will still be receiving it by 20th June.