kiss

Have a read:

http://www.theaustralian.news.com.au/story/0,25197,22527040-16942,00.html

Delaying for the drill

WHO knows how long is the fuse of former nightclub owner and budding iron ore entrepreneur Tony Sage, but non-payment of money is probably a sure bet to get him riled. Sage's company, Cape Lambert Iron Ore, remains in a trading halt after Singapore-listed Delong Holdings' major shareholder, Ding Liguo, failed to come up with a promised $70 million, which is part of a $240 million deal signed in March for Delong to take a 70 per cent stake in the company.

It is understood Mr Ding could be stalling for time as Cape Lambert keeps returning drilling results at the Pilbara project.
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There is also an article in today's West Australian stating that if Delong/Ding do not pay by 5pm today, the contract will be terminated. I would scan and post it but I am currently in Adelaide for work.

I totally agree with terminating the contract. Delong/Ding have had long enough. If they cannot commit the funds, they should say so and move on. Cape should get other parties onboard and should sue Delong/Ding in court for breach of contract.