Ann: Quarterly Activities & Cashflow Report, page-3

no amazing new stuff... but, for the some of the negatives posted here of recent times, it does help clarify and reiterate some things :

- still working through optimisation of plant towards nameplate capacity, and possibly even above nameplate:
"This test work will continue in line with production over the coming months as there represents an opportunity to increase nameplate capacity as a result of the test work seen thus far."


- confirmation of xinhai transactions still being undertaken for optimisation, finance and plant expansion:
"Xinhai is continuing a comprehensive sample testing program of our feed material in China to finalise the process flow and equipment requirements to produce a routine operating concentrate grade ranging between 63-65% Fe, targeting 65% Fe."

- confirmation pellet plant and steel mill still being reviewed.... although not much news on the steel mill, but, pellet plant was previously identified as priority.
"With the favourable analysis obtained to date, the Company is continuing to progress the downstream pellet plant strategy in line with its Indian iron ore beneficiation strategy."
"The Company will further progress the pellet plant project in the coming quarter."

- sales ongoing direct to minera and working through the infinity order, and possibly others:
"Negotiations are ongoing with various other customers including JSW Steel, Gerdau Steel, Srikalahasthi and other smaller steel plants."

- Forecasts of cash position at end of September (before hitting name plate capacity, or possibly greater) is: Cash at 30.06.17 of $1.05m, plus $1.1m from customers, plus $1m loan repayment receipt, less $1.82m spend, gives a forecast cash position of $1.33m cash on hand at 30.09.17.  Then we should be up and running at better yields and grades after thickening circuit is finished....October onwards we should be in a strong cash position from operations....