re: Ann: Quarterly Activities Report - Decemb...
Correct. Full off-take agreement with Ansteel for magnetite.
However we have only shipped 1 load of magnetite (ie 55,000 to 60,000 tonnes).
We have mined the magnetite (over 1 million tonnes). However it is not yet processed through the concentrator, thus cannot be shipped yet, therefore no sale.
We would not receive money until the ore is on a ship, or even at port in China (with payment due 30, 60, 90 or whatever the agreement is days later). I am unsure of the exact payment terms. But note GBG has no problem selling its ore!! Ansteel is obligated to purchase it all, which was the point of this venture anyway - a secure supply of high quality magnetite for its still mills.
GBG Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
