AGM, page-23

I can't believe what I am hearing from this AGM, so I decided to go back to the one meeting I attended in November 2014 and review what was said.

From the AGM presentation:

Plant is 86% complete
only $6.9 million required ($3.8 to to complete installation, $3m commissioning)
Will commence production in 2015 (Construction 3 months, commissioning 3 months estimates given November 2014).
Negotiations for funding to complete the NIRP now well-advanced with a major international company involved in the steel industry.

I was skeptical. See my summary from the AGM hotcopper.com.au/threads/agm-news-reports.2402196/page-3?post_id=14286218#.WDeeulzImg0

Moving on to Plant update in April 2015 when construction should be almost complete:

"Austpac is now moving to finalize project funding to complete the Newcastle Iron
Recovery Plant (NIRP).

In 2014 discussions were initiated with a major international company involved in the
steel industry regarding funding to complete construction, installation, commissioning
and production of the NIRP. A detailed review of technologies and the NIRP project was
undertaken by a local subsidiary of that company with positive results.

The review pointed to additional opportunities for the technology worldwide and led to
Austpac being introduced to a major Chinese company with interests in steel mills.
Recent meetings in China to introduce Austpac’s acid regeneration and iron recycling
process were very well received, and the company recognised the huge potential to use
the technology in China’s steel industry.

Austpac will make further visits throughout April 2015, and will also meet several other
Chinese companies who are interested in steel industry waste recycling technology.
The Company will make further announcements as this initiative progresses."

Two years on, and now 2 years more, and serious modifications needed to complete the plant.

New investors should be wary, and carefully review past projections when making any assessment of company's ability to deliver current plans.

Good luck to all, I admire the perseverance of the many long termers, you deserve some rewards.