dso announcement , page-131

Based on the last quarterly with its cash burn of $10m per month, they would only have about $10m left now. With all the major equipment on site and installed (paid for by Sinosteel) most of the work to connect everything up is for CDU to pay for - hence the much higher cash cost in Jan to March of $31m, compared to $36m for the whole of the previous six months.

$30m/qtr is $330k per day, which is 60t, or three containers, of pure copper per day at $5,500/t.

So far all they've announced is a DSO amount of 26t at 77% copper. You'd have to have unbelievable optimism to think that they can announce the sort of DSO sales to provide the cash flow to completion. And they would need to start right now.

So that leaves Minsheng. The first bank loan of $105m should have been in place about six months ago. The company never told us why it didn't go ahead, just announced a new proposal with stricter conditions. But even if they get it, I don't think it will be enough to see them through to the start of commissioning, let alone eight months commissioning period (and we all know how well THAT went for the crusher, supposed five weeks, now eight months and counting ....). As ozblue says, the chances of no problems with the complex chemical extraction processes is zilch, especially as they can't get the basic mechanical lumps of iron working easily.