Speaking with Sean yesterday he seemed quite upbeat regarding NSL's progress and whilst he couldnt answer all my questions he could provide the following.
NSL are now targeting 960000 tons in 2010.
The grade of fe supplied in the first 200000 ton offtake agreement could not be supplied but he was happy to advise it was lower grade and the higher grade is currently being stockpiled.
he also advised there are no shortage of willing companies wishing to enter into offtake agreements.
FOB prices could not be discussed however he advised that further information would be made available in an announcement to the market next week. Cost of approx. $33.00 per ton could be considered reasonable.
NSL are on track to meet the published payment schedules for mine 1 and 2 and they are actively seeking further bolt on projects.
It is expected a prospectus will be out in February to satisfy ASX requirements and the relisting will occur at approx. 20 cents per share (current thought - may change).
Consolidation will occur for existing shareholders, probably at 5 day volume weighted average.
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