Um, nobody mentioning this? The portions of the following statements from the March 21 News Release in quotations, are hereby retracted for the foregoing reasons:
1. Securing this approximately “US$4 billion purchase arrangement ensures consistent longterm revenue to the Company.”; 2. Macarthur’s management is pursuing debt financing discussion with European banks and international financial institutions. “Achieving this key milestone is the beginning for Macarthur to transition into a large scale global resource production company.”; 3. “The Agreement is currently valued at approximately US$4 billion in revenue over the first 10-year term ensuring Macarthur long term revenue and consistent sales per year.”; 4. Metallurgical test work on the Lake Giles’s Moonshine Magnetite Project indicates that an export product of high margin +65% Fe can be achieved. “Current market price for 65% Fe product is quoted at US$98/tonne (A$140 per tonne). (1 - Custeel Iron Ore Price Index) The value of the initial 10-year Glencore off-take at current market price for Moonshine iron ore would be ~US$4 billion.”; and 5. “The Capex for a combined Moonshine Magnetite and Ularring Hematite operation is now estimated to be US$335 million. Magnetite Opex costs are estimated to be A$55/tonne free on board (“FOB”) and Opex costs of A$42/tonne FOB for hematite.”