The lenders have to support the company.. they have no choice… though the relationship must very cosy as they allowed GUF to drawdown $6m from existing facilities during the period and yet they only have $211k left in the bank at the end of the quarter?!?!
I note from the annual report that the company has spent to date $120M on development of the BNU mine. Bearing in mind that there is no wash plant, the equipment is not owned and the reported low cost of moving dirt, then one has to ask what exactly the $120m ‘invested’ has brought the shareholders?
First an EGM in Townsville and now the AGM at Towradgi ?
If nothing else at least GUF provided routine humour... Let's go Terracom.. up, up and away!
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