Hi mdcha,
Have a look at the announcement on 14/10/2011
http://ironbark.gl/investor-centre/asx-announcements/2011-2/
The Glencore facility is there to use if IBG sees fit, however the issue is that it is tied to another 20% offtake. Glencore have already agreed to it, but my view is IBG doesn't need/want to use it at this stage as it would mean they would only have 10% of unallocated offtake left to negotiate with.
In regard to your comments about China needing to make a move into this space....i fully agree!
Yeatesy
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