Am I right in saying that GLM have picked up this Production Mine very very cheaply? I don't understand why the market does not like the ann.Or are they waiting for the Convertible Notes Ann? Might be the bad history this mine has that is scaring away people?
Koalin seems to be "WHITE GOLD"
Seems as if GLM were in talks with Gulf Alumina back in December.
Read Below:
Previously on 21 July 2010 we broadcast the appointment of voluntary administrators to our joint venture partner ACC Ecominerals Limited, to its subsidiary Skardon River Kaolin Pty Ltd and its ASX listed parent, Minerals Corporation Limited. Today, contracts have been exchanged for the sale of the kaolin assets owned by both ACC Ecominerals Limited and Skardon River Kaolin Pty Ltd to a third party that seeks to continue the kaolin operations at Skardon River. The contracts include the sale of the kaolin assets (inclusive of the joint venture interest in the mining leases, the kaolin plant and equipment and associated IP). Gulf is a party to those agreements as it involves the novation of ACC?s joint venture interest to the buyer and the granting of various consents contemplated in the event of a change in ownership. Ownership and transfer of ACC?s interests in those assets will vest on completion within 90 days of the contract exchange. Details of the new party will be released on completion. The operation of the JVA continues as before as the new party agreed to be bound by the JVA and there is no change to Gulf?s exclusivity to all the bauxite on the Skardon River tenements.
What are people's thoughts?
GLM Price at posting:
4.0¢ Sentiment: ST Buy Disclosure: Held
