Ann: Half Yearly Report and Accounts, page-55

imo the banks interest gives greater clarity to the previous and existing debt facility announcement with Gemcorp…The skimming of profits was always going to come in to play with the reality cheaper funds would likely be available once the plant is operational and revenue factories are established…With the plant expected to take 3-4 months to dial in gives a good solid quarter to iron out symmetry of the plant…Will be interesting to see the data after a full quarter of commissioning and improving efficiency over the course of time…

The 50% backend redundancy gives the company greater flexibility and an important difference to any other startup project going around…They have plenty of reserves with recovery being sacrificed over quality…The current strip ratio 2:1 already improves ROM costs from day one…

Your mate has made such a goose of himself fear mongering about interest terms when these could be sweetened once in production…What other banks are lurking….

Regards Croc