Well Matt, safe to say your fears can be put to rest Talked to...

Well Matt, safe to say your fears can be put to rest

Talked to TON management today

(Not Brad because he was on a flight home from China, as he should be after closing the mining deal of the decade)

TON conducted extensive due diligence into Xincheng and their financial capacity before putting pen to paper

TON is aware of their exact annual turnover, however are not able to disclose this publicly because Xincheng are a privately owned company that would prefer to keep exact numbers to themselves.

Just as Facebook did prior to going public. In fact Mark Zuckerberg publicly stated that was one of the benefits of being a private company - no obligation to disclose their mega profits.

Xincheng only have an incentive to disclose exact profit and revenue numbers to other companies they are negotiating contracts with.

Here are some things I can tell you:

- Xincheng, in addition to being financially robust and able to deliver on the $2 billion contract, is also backed by the Chinese Government

- In the 2014 financial year, Xincheng produced 5,000 tonnes of expandable graphite, 1200 tonnes of graphite paper, and 5 million graphite crucibles, amongst other items

- Brad will be contacting me asap to discuss whether or not he is able to disclose any ballpark revenue and profit figures for Xincheng

- TON is comprehensively satisfied with Xincheng's financial capabilities and legitimacy of intent