What a complete joke. Why didn't GMC just buy 2 new furnaces instead of this old crap. I note a company in India is expanding their smelter complex and they are spending some US$9 million to install two brand new 9 MVA furnaces.
"“Our board has approved a capital expenditure of ₹55 crore for setting up two units of 9 MVA furnaces to produce ferro silicon and silico manganese,” said G.S. Rathi, whole-time director, SPL."
The amount of money that GMC has wasted on these 2 x 50 year old 7MVA furnaces is unbelievable.
I doubt whether any ferro manganese will be produced in 2018. No wonder the shareprice is at .11c.
Might be a buy at .01c and then offload at .015c with 50% profit.
Ann: Kupang Smelting Hub Facility Project Update, page-5
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