GBG - Gindalbie Metals

[bigdog]

ASX ann today GBG is now SandP top 300 company

06/09/2007 SandP Announces September SP/ASX Index Rebalance
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00756682

Standard & Poor’s September S&P/ASX Indices Quarterly Rebalance
S&P/ASX 300 - ADDITIONS
GBG GINDALBIE METALS LIMITED

 

[s3081402]

This is good news, Hopefully it will break into the S&P/ASX 200 in a few years time. Go GBG. When will the trading halt be lifted anyone.

 

[dj_420]

This is good news, Hopefully it will break into the S&P/ASX 200 in a few years time. Go GBG. When will the trading halt be lifted anyone.

im hoping they DONT lift the trading halt today, today will be down day on the all ords thanks to DOW lead. protect GBG shareprice until the big ann.

 

[adobee]

If they have any mind to maximise their investment they wont be announcing anything till after close Friday I think..

I think trading on the ASX sharemarket comp opens today.. Should be a good day to start buying!

 

[s3081402]

Trading to resume at 12.00 pm. Not a good idea to resume trading today but anyway contract finally been sign so that good.

 

[zt3000]

Who signs a deal in the presence of the President of China and good old Johnny Howard. Man thats some serious kaboodoole there. Although the timing is kind of perfect dont you say. Lets see this baby spread its wings and fly away ... lol

 

[bigdog]

GBG is now trading
GBG $1.83 +$0.03 +1.67% 508,312 shares $943,399 @ 06-Sep 12:01:17

ASX ann
GBG 11:39 AM Gindalbie signs Development Agreement with Ansteel
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00756812

MAJOR AUSTRALIAN IRON ORE PROJECTS TO PROCEED FOLLOWING LANDMARK JOINT VENTURE AGREEMENT

Sydney, 6 September 2007 – Following a joint formal signing ceremony today, Western Australian iron ore company Gindalbie Metals Limited (ASX: GBG) is pleased to announce that it has executed a wide-ranging Joint Venture Development Agreement with leading Chinese steel and iron ore company, Anshan Iron & Steel Group Corporation (Ansteel), to proceed with development of the Karara Magnetite Project and Mungada Hematite Projects in Western Australia.

The announcement follows the delivery earlier this week of positive Bankable Feasibility Studies for both iron ore projects, which are located 225km east of Geraldton in the Mid West region of Western Australia. The projects will involve a total combined investment of up to A$1.8 billion in new mining and processing facilities and associated infrastructure both in Western Australia and China.

The Agreement was signed in Sydney by the President of Ansteel, Dr Zhang Xiaogang, and the Chairman of Gindalbie, Mr George Jones in the presence of the President of The Peoples Republic of China, Mr Hu Jintao, and Australia’s Prime Minister, Mr John Howard, reflecting the importance of the Agreement to both Gindalbie and Ansteel and to the continued development of Australia’s iron ore industry.

Under the terms of the Development Agreement, Gindalbie and Ansteel have agreed to develop both the Karara andMungada Projects subject to the following conditions:
o the signing of an Equity Joint Venture agreement for the Joint Venture Pellet Plant in north eastern China;
o finalisation of the approval for the decision to mine within two months;
o finalisation of off-take and financing arrangements; and
o environmental approvals being received for both the Australian and China Projects.

The financing terms of the Development Agreement are generally consistent with the original Karara Joint Venture Feasibility Study Agreement with the Project proposed to be funded on a 70/30 debt to equity ratio. For the equity
component of the Project, Ansteel will contribute A$105 million plus 50% of the required equity whilst Gindalbie will contribute the balance of equity funding which equates to approximately 25% of the total equity funding requirement.

The Project is now to be developed under an incorporated structure.

Earlier this week Gindalbie completed a previously announced A$39 million share placement to Ansteel, giving it a 12.78% interest in the Company.

The Development Agreement covers both the production of hematite lump and fines (with shipments targeted to commence in the first quarter of 2009) and magnetite concentrate in Australia and pellets in China (with production
scheduled to commence in 2010).

Continues on page 2 refer link

 

[s3081402]

Signing infront of the two big men. This is some serious business we talking about here everyone. Go u good thing. GBG at $1.90 ATM.

 

[imaginator]

Why do they lift the halt today????????? I dont understand. Maybe to capture the FRESH moment of the announcement?

Anyway, who is getting more today? 1.82 lowest today when it reopened in CMCmarkets, should've bought!!!

 

[s3081402]

Doesnt really matter bro. If it is a good company then everyone would want to buy. Im holding for at least another year or 2 so it doesnt really matter. This is a long term hold.

 

[imaginator]

Why hasnt the market responded well to the news?


It hardly made any changes. In fact afternoon is lower than morning

 

[springhill]

Why hasnt the market responded well to the news? It hardly made any changes, its now 1.75, lower than Wednesday's low.

Should have sold this morning at 1.9!

Todays announcement wasnt telling us anything we didnt already know. Obviously market has already factored in it was a done deal. And it is a down day......

 

[imaginator]

Me thinks (only my opinion) that some fund manager or broker is taking advantage of today's red market to shorting it down, so that they can pick up bigger amounts at cheaper price. Look at those measly units of few hundred units at some of the bid/offer prices.

 

[YNKWRTNC]

Would've been nice to see a bit of green for GBG today amidst the red of most iron ore stocks BUT it won't matter long term.
No doubt the U.S have a bearing either way in the short term but all points to a great future for Gindalbie.
We would all like a Fortescue like rise but the Bull may not be puffing so hard now. But for all our sakes I hope the Yanks don't wake up the Bear. If he could hibernate till 2012 that'd be nice.

Don't chase a buy back on GBG in this market; buy and hold.
It is in its infancy and we're loving watching it grow up.

 

[bigdog]

http://www.wabusinessnews.com.au/en...dalbie-seals-deal-for-1-8-bn-iron-ore-project

Press review of yesterday's ann

Gindalbie seals deal for $1.8 bn iron ore project
6-September-07 by Mark Beyer and AAP

Gindalbie Metals Ltd is set to become Australia's next major iron ore producer after signing a joint venture development agreement with a major Chinese steel producer in the presence of China's President Hu Jintao and Prime Minister John Howard.

The agreement with Anshan Iron & Steel Group Corporation (Ansteel) is for the development of Gindalbie's Karara magnetite and Mungada hematite projects in the mid-west region of Western Australia.

This will involve a total investment of $1.8 billion in new mining and processing facilities, and associated infrastructure both in WA and China.

Earlier this week, Gindalbie announced positive bankable feasibility studies for both projects.

Gindalbie said the presence of the political leaders at the signing reflected the importance of the agreement to both Gindalbie and Ansteel, and to the continued development of Australia's iron ore industry.

The Karara project is proposed to be developed at a total cost of $1.6 billion, while proposed costs for developing the Mungada project total $94 million.

The Karara project is proposed to be funded on a 70/30 debt to equity ratio.

For the equity component, Ansteel will contribute $105 million plus 50 per cent of the required equity while Gindalbie will contribute the balance of equity funding, which equates to about 25 per cent of the total equity funding requirement.

Under the development agreement, Gindalbie and Ansteel have agreed to develop both projects subject to the signing of an equity joint venture agreement for a pellet plant in north-eastern China.

Other conditions include finalisation of the approval for the decision to mine within two months, and finalisation of off-take and financing arrangements.

Earlier this week, Gindalbie completed a $39 million share placement to Ansteel, giving it a 12.78 per cent interest in the company.

Shares in Gindalbie closed down 3 cents, or 1.67 per cent, at $1.77.

 

[Frankhalo]

Gindalbie Metals Ltd is set to become Australia's next major iron ore producer after signing a joint venture development agreement with a major Chinese steel producer in the presence of China's President Hu Jintao and Prime Minister John Howard.

Love seeing that underlined text bigdog, good post. George Jones signing in front of a few heads of state shows the importance of this deal, showed a glimpse of the signing on ABC news last night too.

Well done Bigdog, very good post

Regards

Frank

 

[s3081402]

What is going on with GBG? After the announcement it is going backward instead of forward.

 

[YNKWRTNC]

What is going on with GBG? After the announcement it is going backward instead of forward.

One school of thought is that the 65 milllion shares issued at 60 cents to Ansteel may dilute the SP. That came through Tues and there seems to be a delay which may be because of the good news this week.

 

[adobee]

I think that there is alot of profit taking on this now as well.. Most people would be locking away about 60%+ in the last three weeks if they bought just after the credit crunch drop..
I would do the same but I think there is more to be made and whilst it will probably back of for a while I dont want to risk missing my chance to buy back in at the right price..

 

[ahspritemk]

GBG seem to have gained some positive momentium again. Opened in the red at $1.56 and now in the green and upto 1.78, as at 3:10pm. Hopefully we will get some green from the yanks tonight, might help to give GBG more of a boost tomorrow. If I had more money I would have purchased this morning .