DML Update from Bob, page-32

I forgot about that Robert Fulker replaced Jeremy Reed as CEO has to do with breech of loan.
Bank wanted him replaced so that Next  CEO will  submit buisness plan as too Standard bank loan conditions.

Bank would require a buisness plan to prove company can repay debt of $100 m.
Bank is going to keep leash tight. Probably a good thing!

I have  respect for Jeremy Reed tenaciousness, many Companies would have folded by now the fact we didnt has a lot to do with management.We are in production and close to breaking even.

Many here in this forum are optimistic, I search for what is not written. I agree it is not in banks interest to close loan. The chances of recapitalising in this environment are low.

Personally as small share holder > 1.4m, I would like company to keep operations going in hope of change of fortunes. Time will change cycle. Copper has been fortunate to fall 4%, other commodities are harder hit.
Volumes of Copper are low in wharehouses but that has not created spike in price.

I read that volumes of Iron ore on docks in China are low but Steel mills know of oversupply situation and will purchase ore as is required knowing they will get it. Credit crisis in China, banks prefer to lend to renewable energies rather than commodities.

Have you noticed the dip in price of Gold, when Nymex  comes online some thing going on?


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