Bloody hell that's confusing, so in 2010 we the shareholders voted to the conditions set out by Ansteel to get the loan. Now we have just renegotiated that loan, which makes what we did in 2010 obsolete & we have to go through the same process again for this loan. Gindalbie must want certain things noted in the agreement that protects us but it would seem China is refusing to sign off on those conditions. So Gindalbie is now going to get someone to study the agreement & tell us if it is fair for us Gindalbie shareholders, they will also tell us the possible consequences if we don`t agree & then after reading all that after obtaining it from our mail boxes, we vote again to agree with the conditions of the loan. Someone please help me here, is that correct? Apart from this everything else seems to be getting better & better. From memory we originally hoped to ship 8mt per year which is about 12 ships a month, it would seem we are on target & it would seem we are increasing every quarter. In the March quarter magnetite accounted for 65% of these shipments & hematite the rest. Some of that hematite was bought off our neighbours to cover our rail obligations but I believe this to be around half a ship per week. There telling us that magnetite costs about $48 to produce which I`m sure pleased everyone, the US dollar continues to come back so our main concerns are the overall debt & can we service it, we need iron ore prices to increase & we need to continue to overcome all those plant issues we have suffered from the very start which seems to be happening. My biggest gripe with Gindalbie is the lack of news & information we receive as shareholders to make decisions, they should have a good hard look at there PR person & there performance if they want to get any more money out of us.
GBG Price at posting:
2.3¢ Sentiment: Hold Disclosure: Held
