Hi All Just got back from the GMC General Meeting. All...

Hi All
Just got back from the GMC General Meeting. All resolutions were passed. Hamish spoke to the GULF presentation released on 20^th April 2017.
Below are my notes from the meeting as best as I understand/remember.
· GMC will be the lowest cost producer of FeMn in the world due to a 20% cost advantage.
· There has been a spike in Manganese prices in recent times as supply is getting tight. Woodie Woodie has gone into care and maintenance as their ore has been depleted.
· GMC has 50h of land next to the power station.
· They have been allocated 3 wharfs and a large laydown area.
· 170 -180 mega watts of power has been connected today which is more than enough for GMC.
· The land lease has been signed. They are just waiting on the rental agreement to be signed by the governor which could happen any day. Once the rental agreement has been signed, construction will start. Once there is evidence of construction commencing, the Russians will make their payment and then the company will be able to commence trading. This could be by the end of the week all going well.
· Initially 2 units will be built and then as the mining in the area ramps up other units will be built. GMC expect this to be about 2 units every 2 years. Ramp up of each unit will take about 4 months. They expect to be shipping ore in October.
· Profit is estimated at 20 million US$ per annum.
· Two more board members will be appointed to GMC. A respected Indonesian will be appointed as Commissioner of GMC subsidiary in Timor.
That all I have. Good luck to all.