I am all for open, honest and fair discussion. I am often very critical of KZL when I deem it necessary and point out things to be aware of to optimize possible entry and exit points (as does Hugeorgans and danbradster to their credit).
I deplore straight out dishonest and awry depictions of facts though.
For starters, KZL do not use the ANZ refinancing facility to fund major projects as TAS stated but then he rarely quotes anything accurately and of note. What amazes me is that he actually thinks his posts influence anything, when we probably make up 1% of volume on any given day.
To quote KZL directly:
Re: Corporate banking facility with ANZ
This facility will assist in the short-term cash flow management of concentrate stockpiles until they are materially reduced during Q2FY12.
He is also incorrect about the expiry date. The facility has a duration of six months and can be extended for a further 12 months by the bank (ANZ).
This new facility was first mentioned in June or July 2011 I think. So the renewal of 6 months is correct but it includes an option to be extended for a further 6 months. Franly, it's irrelevant. Its used to fund inventory management, while KZL waits for invoices to be paid. Projects are funded from cash-flow.
