spoke to adminstrators this avo...

Hi all,

I spoke to Haydn from KPMG who is looking after the ALB case. KPMG took over as administrators about 3 weeks ago.

As you all know the 2nd tranche of the funding was on hold.

The euro banks, barclays and Jinchaun are working towards the (hopefully) successful completion of the plan for recapitalisation that was approved by shareholders on March 20.

The administrators are due to meet with creditors on 27 May however, it appears that Jinchuan may not have the formal proposal ready in time. They are working closely with barclays and the banks to get this done.

Therefore the scheduled meeting will be rescheduled (an absoluate max of 2 months).

Administrators believe that if everything goes according to plan and banks come to the party (which it's in their interests to do) and the creditors are paid out - then the company should be running without administrators within 3 months.

I guess the question is - do the banks HAVE the money. These days - who knows.

Haydn was sounding pretty positive. I've never had experience with administrators before so I have no idea if it's in their interests to put a positivie spin on it or not.

Haydn mentioned that, of course, the spanner in the works will be if the banks don't come to the party and Munali has to be sold off to pay creditos in which case we're left with a shell.

Good luck to all. I have hopes of getting something back when Jinchuan takes over AND decides that it's worth reopening the mine when the nickel prices recover.

LoosyBaboosy