FAS - Fairstar Resources

[Anmar]

8th August 2013

FairStar Resources Limited (ASX:FAS) is pleased to announce that it has entered into an offtake agreement with LuYang Group International Limited. The agreement provides for FAS to deliver 10 million tonnes of ore over 10 years at a rate of 1 million tonnes per annum.
The contract was executed in Qingdao, China, on the 6th of August 2013, with LuYang Group International Limited which is part of the LuYang Group.

 

[Anmar]

9th August.

The market in pre-open with FAS starting at $0.022!

 

[Anmar]

16th Aug:

FAS closed on Friday at $0.030, a 57% increase for the week!

 

[Anmar]

19th Aug:

FAS brushes aside speeding tickets and rides to $0.047 at close.

 

[piggybank]

19th Aug:

FAS brushes aside speeding tickets and rides to $0.047 at close.

Well the chart doesn't look so good, after todays action Anmar - hopefully your not in the stock presently

 

[Anmar]

3rd March 2014

Major Chinese State Owned Infrastructure Company Backs FairStar with US$176 million Vendor Financing

• CSR Ziyang Co. Ltd to provide Vendor Financing on competitive commercial terms for rolling stock and associated rail infrastructure

• Strategic decision to segment project funding

• FairStar remains in full control of Steeple Hill Iron Project with no JV

• Discussions on-going with range of parties for balance of funding

 

[Toesin]

3rd March 2014

Major Chinese State Owned Infrastructure Company Backs FairStar with US$176 million Vendor Financing

• CSR Ziyang Co. Ltd to provide Vendor Financing on competitive commercial terms for rolling stock and associated rail infrastructure

• Strategic decision to segment project funding

• FairStar remains in full control of Steeple Hill Iron Project with no JV

• Discussions on-going with range of parties for balance of funding

I don't know whether this is a deal without problems Anmar!
According to an article in The West Australian business section on Wednesday 12th March Alliance Super are looking at legal avenues to sue them for damages and breach of contract. The aricle states Alliance claims FAS couldn't hold up their end of the bargain to deposit it's share of the funding requirement. It also states FAS only has $892,000 cash but loans of $7.5 million.
Its worthwhile reading their annual reports and auditors disclaimers. I have been watching their progress for a while but it seems to be a constant downward trend.

Disc: I don't have any FAS shares

 

[System]

On March 6th, 2017, Fairstar Resources Limited (FAS) was removed from the ASX's official list pursuant to Listing Rule 17.12.