chinese update

Announcement out today. As previously discussed the Chinese turnkey quote was too expensive and they have agreed to review it. GUN also to review scope for improving costings here with both to meet again sometime in November.

Fundamentals for mineral sands apparently holding up solidly and looking to be financially sound for the next few years at least. A lower Aussie dollar will help too I would think - hopefully the USD doesn't tank once the bailout money is printed.

My feeling is that they will come to an agreement, possibly in November but we may not see any movement on it until possibly early next year. Hope I'm wrong but on that basis I'll sell some down just to get some capital out which I need for other things.

This has taken longer than I had hoped and even though GUN apparently has a number of interested customers they appear to be a little bit at the mercy of CTIEC's decision making process.