Ann: Spinifex Ridge Molybdenum / Copper Project , page-2

re: Ann: Spinifex Ridge Molybdenum / Copper P... News!

In summary we are getting there.

- Hanlong get most of what they wanted, an extension of all key conditions till 31st Dec 2011.
- MOL in return doesn't have to pay interest on the $45m till the finance arrives or 31st Dec 2011.
- CDB is committed until 8th July 2011
- EXIM have pulled the good old Chinese New Year excuse while they think about it! Surely this only works once?
- Founder of Hanlong, Mr Lui Han has given the banks a personal guarantee for the project.
- Hanlong will top up the banks $US466m with an extra $34m loan to get to the agreed $US500m.
- $US500m is not enough to build the mine. Expect another rights issue.