bit of a mediocre update IMO.
-Main components of smelter refurbishment program in South Africa finalised with shipment
to Kupang scheduled for Q1 2018 (Feb).
The timeline has slipped a month from the Dec update (was Jan).
-Permitting requirements in order to generate near-term cash flow from sale of Direct
Shipping Ore (DSO) (>49% Mn) progressing.
There was some expectation this would have been granted by YE'17.
Still like the longer-term opportunity, but more patience required.
Ann: Gulf Operational Update, page-2
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