I say 1) GMC doesn't have enough cash to build a smelter, $4...

I say
1) GMC doesn't have enough cash to build a smelter, $4 million bucks is laughable.
2) The "imminent" DSO might have saved GMC if the DSO started months ago. Even if DSO was granted tomorrow, the cash will run out before a single dollar is received.
3) The most important issue is power costs. GMC is already behind the eight ball, as power costs in Indonesia are expensive and more likely to go up than down. Indonesian power costs are twice as expensive as the most expensive power of other marginal smelters and 3 to 4 times more expensive than the low cost smelters.
4) The big plus for GMC is manganese which is available locally, it is a bonus. However GMC doesn't own any mine and is dependent on the whim of others. Yes, GMC is doing due diligence on mine which sounds good, but where will the money come from to buy it? This due diligence also comes as a cost, I wonder will be paid to do it?

I do have some knowledge on ferro alloy smelters and the market for manganese. I've also made some money using this knowledge ie. OMH and ConsMin. To set the record straight, I also don't like to see people lose their hard earned so I like to make investors aware of the potential to do so.