I read in an SMH article that in CHina they will pay 70-80% of spot price to the miners and net 10% of 150k oz and moving to 230k oz per annum. Their gold to be sold in the chinese market which is very hungry for gold at present.
On my calculations they will net around 7mill on current production.
Todays action is very encouraging and they seemed to have appeared in the last half hour.
MIC
michelago limited
