I just called the office in Perth to question the progress of...

I just called the office in Perth to question the progress of the iron ore sales and Cedric answered...i was surprised. He is frustrated with this first sale taking so long. The sale is to an iron ore trader who keeps on feeding them with "We are close to a sale, should have it in two or three days time."
He was very positive about the future sale prospects for the company especially the leads and contacts he made with several large Indian steel mill companies at Managing Director levels at the conference in Mumbai. From these contacts they have already had management from two steel mills visit their operations while others have also expressed interest in a visit. These mills in India are have their blast furnaces operating at 40% of its utilisation due to the iron ore shortage, NSL are in discussions with these mills looking to set up contracts for future offtake of ore.
Cedric stated that iron ore demand in India is forecast to grow from 80Mtpa to 160Mtpa by 2025 and to 300Mtpa by 2030. The company is in a great position to take advantage of this growth.
I suggested that SH coudl expect some positive news about sales contract in early 2015, his response was yes and possibly before the end of 2015.
Summarising, yes its very frustrating getting no news on the status of ore sales and watching the SP plummet but as he said "i wish the conference was held 3 months earlier and not having to deal with traders." The future does look positive for NSL, especially now that they have made contact with the right people....so he tells me.