Bingy
You wrote:
"Well, alot of people were concerned that MCO would be spending all the money on the JV and not recieving any from the Chinese...
Take a look at the half yearly, 750,000 received and only 1.1m spent on JV projects. I believe MCO have spent less than their share so far."
Have a read of the 2009 press release announcing the Chinese buy in into two tenements. It clearly states that the Chinese were to spend $4.5m to earn a 51% interest in the two tenements. Hence the $.5m initial expenditure is to be attributed to the Chinese and not MCO. Hopefully MCO will be getting fully refunded for doing this work.
Page 13 of the half year statement states that during the period 1 July 2010 to 31 December 2010 MCO spent $1,194,103 on joint venture activities but was only reimbursed $750,000 by its JV partner. To me that means that unless Ample Rise has already paid MCO $4.5m to earn its 51% stake, they owe MCO $444, 103 as at 31 December 2010.
Your post just adds to the confusion about who is committed to fund the JV exploration expenditure, and I think it is important to clarify things. In essence MCO pays for it, but if all is well it is reimbursed for the first $4.5m.
The JV press release can be accessed here:
http://www.asx.com.au/asxpdf/20091127/pdf/31mcpfwk1zpmcy.pdf
loki (a clarifying commentator)
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