RE: RE: Should have read the following part of the Lets assume you know how all the mining industry funding works. I will try to make it simple &easy to understand the situation, and hope it make sence
By law it requires to set up a deadline for funding; which does not mean the funding has to be within the deadline. CUZ the "Deadline" can be changed anytime as long as both side agrees. Mining funding is not as simple as investing in RRSP; or simple as buying stocks @ low price and selling at high price. Few things u need to look into details, and lets assume u r the CEO of Hebei:
1) The New Years event is a very high level of traditional event in Chinese tradition. For example, assume the contract of ADV is with some big US company, and deadline to provide the $120 mill was Dec-24. So do u think u can just read the submited letter/papers and send $120 mill without any meetings, evaluation of long term investment evaluation....etc? If u understand this condition, then you will say NO.
2) Hebei did not give/provided the $60 mill to ADV few months ago without knowing, evaluating and looking into the details of ADV mining. And Hebei is also helping ADV by geting Chinese invester involved to provide/funding/investing money to/for ADV. Keep in mind, Chinese people r not easy and dumb to invest money without evaluation the long term profit & project.
3) Hebei is not the only invester to invest into ADV. There are other Chinese investers who are involved with Hebei to invest for long term period. Which also involves to confidence & providing security of long term profit.
4) So, if u r the CEO of the Hebei, (in US) during Christmas Time, how long will it take you to setup meetings, going through all the detail info provided by ADV; and getting approval from everyone (including board of directors) and all the other things need to be done...? Do u think all the high level of people will let go their Christmas Holiday just to go through meetings and evaluation? Do u think writing a $120 mill cheque is very simple from a big company?
5) Now u think, u r the CEO of ADV, and u are getting help from Hebei, and who gave you the $60 mill to get u started to open the mine. As Hebei requested/wanted the FS, now u have given the important prove (FS) to Hebei. Do u think Hebei will just write the $120 mill cheque right-away to you (ADV) without evaluation the files, future estimated forcast/long term value and etc. by Dec-24? Are you (the CEO of ADV) going to push Hebei for the money that was suppose to be given by Dec-24? Or r u willing to wait/be patient for Hebei to give the $120 mill after Christmas, and to complete all the meeting to aprove the funding for ADV in their convenient time and for long term? Or r u willing to push Hebei to give the $120 mill, and lose the long term invester who got u to started your mining company; and if yes how r u going to get future cost to start the mining into production, and how long will it take u to find new invester to support u with the money?
6) Forget Christmas. Do u think 3 weeks is enough time for Hebei to go through and evaluating ADV's FS, while Hebei (the big company) is very busy with lot of projects, investment, contracts and etc?
7) Do u think ADV is the first priority for Hebei, compare to many other things going on at the same time with Hebei?
Simple way to answer your question is to understand how it will work if u put your self in the position and evaluate the situation. And at the same time u need to b realistic and understan&know how things works for mining project, funding/investing, economy situation and many other factors.
For example, if u understand economy level then look into gold. (Example-DGC.T.) Very high % of people thought gold price will go above $2000 in first quater of 2013, but at the same time they did not take/accept all the economic conditing that took place and still happening through out the world.
Also, understand the demand of Irone Ore. At current & long term economy level; all the big countries are focusing on infrastructure area to improve/stable their own economy level (ex: Canada, US &China). Because of that, I think there is & will be demand for iron ore & steel. Other wise why did the price of iron ore & steel went up? Why do u think China/Hebei investing large amout of money through out the North America, and also in Africa?
I hope my simple method of explanation works for everyone.