Ann: Multiyear offtake agreement executed with new customer, page-46

I think a pat on the back for Anthony Tse is probably a bit premature. To justify his exorbitant wage, I'd prefer to see some progress with diversifying into regions other than China. GXY did mention at a previous quarterly meeting that we had an offtake in Japan that tolled through China, so I'm not sure what happened to that customer. As we can see with barley, wine, lobster and now copper, China are continuing to play games with Australian commodities. GXY needs to reduce risk by developing relationships outside of China. Unfortunately Anthony's links seem to all be Chinese. I'm hoping that SDV and JB are more fruitful in attracting interest from US, European, Japanese and South Korean manufacturers.

As far as the new off take goes, hopefully Chengxin prove to be a more reliable customer than Jiangte, but that remains to be seen. Overall it still appears to be a positive announcement and I'm glad to see GXY terminating customers that aren't meeting the terms of existing contracts.