Ann: Gulf Investor Presentation, page-13

For starters, GMC would need to sign the lease agreement before they're allowed to tear up the Bolok site. It's also been mentioned (Operational Update, 8 March 2017) that "Earthworks, geotechnics and civils at Bolok" form part of EPCM's contract (A$1.5m) and "The EPCM contract will commence upon completion of the above mentioned capital raising". So it shouldn't be any surprise that site works haven't begun. If this contradicts GMC's supposed production timeline, that's another matter entirely.

I actually thought there had been an announcement at some stage stating that site works had begun at Bolok. I'm sure this has been stated as a fact before on this forum, but I can't find it any official document. I'm beginning to wonder if it came from one of the several mystery posters that would appear with "insider information" during the Marthen Amtiran saga, only to never be heard of again.