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citic payment not due yet

  1. 299 Posts.
    I have re-read the notice issued by CITIC on their website dated March 31 2006.

    It states that CITIC must drill 100 holes within 18 months from the date of the agreement (March 31 2006). Once an additional 1 billion tonnes are proved CITIC will be under an obligation to purchase Balmoral from Mineralogy.

    Completion of the Balmoral transaction shall take place no later than 31 July 2008.
    It would appear that the next payment could be over a year away.
 
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