Although fingers are crossed I am not holding my breath in regard to the deadline (see below). It almost seems like they have resigned themselves to not being about to recover the loan.
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The Company advises that the due date for repayment of the loan made to the Company’s 60% owned Chilean subsidiary, S.C.M. Vallenar Iron Company, is 24 March 2009 and not as
previously reported. The Company is taking formal steps to require repayment of the loan when it falls due. Recoverability of the loan in full is by no means certain, and a provision for irrecoverability was made in the Company’s accounts for the year ended 30 June 2008.
march 24 deadline
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