From memory Ding Liguo is worth approx 200m.
Delong has a market cap of approx 1.2 billion thats “Market Cap”
It has been estimated that the mine will cost between 600 – 800 million.
No wonder the bank thinks there will need to be a third party. Aspecially if Delong has to expand its steel mills to stay in China.
This does not mean that Delong will not buy the mine short term.
From Delong SGX 5/9/07
The investment in Anketell will amount to approximately AUD 240 million
and will be subject to, amongst other things, the approvals of the regulatory
authorities in Australia and that of the Company’s shareholders.
From CFE ASX 1/10/07 page 12 and 13
Under the terms of the binding agreement, the purchaser has paid Cape Lambert a $2,000,000 deposit of which $750,000
is non-refundable. There remains a contingent liability in the amount of $1,250,000 should the Sale Agreement be
terminated.
Delong has indicated it will convert the balance of the 40,000,000 unlisted Options (being 28,000,000 - raising a further
approximately $10,000,000) on finalisation of minor outstanding issues associated with the Sale Agreement. It is
expected that this will occur in early October 2007. At the completion of this conversion Delong will hold 13.25% of
the issued capital of the Company.
As a consequence of the above delay, the first payment of $72,000,000 under the Sale Agreement has also been delayed
until early October 2007.
In the event that the Sale Agreement is not completed with Mr Ding, the Company will seek alternative funding sources
to continue with the strategy of developing the Cape Lambert Iron Ore Project.
We wonder what the minor outstanding issues are?
Ding Liguo can still buy the mine. He is the one under contract as far as we know.
------------
DLNG now owns
4.4% of the share capital of CFE and 70% of Anketell (pending regulatory
and board approval).
Good pick up, from the side line watching with interest.