This is still confusing... They had always claimed to have Phase I completed by end of 2011, at which time or close to it, the plant ought to have been running at 20ktpa. Now its the funding for the payment terms. Well even at 20ktpa, the amount required for the 90 day terms would have been about $3.5m which thet are holding in cash now, and by now they would have generated much more than that in profit. Now full production not expected until June. They also claim to be set to become one of the largest...blah...blah...in the world. Last para, they are still "looking at options", including the expansion etc... In other words, there are NO plans yet, in spite of all the stuff in the prospectus and what is on their web site. The trading desk seems a bit off focus...trading in international markets...including ferro niobium? See what happens in early march with the new loan drawdown, and hopefully some production, and maybe the settlement of the FeSi...and the maybe just maybe the SZTJI placement at 30cents some time after April.. ..and the remote possibility of a solid corporate plan.
CMC Price at posting:
10.0¢ Sentiment: Hold Disclosure: Held
