LOI are issued in China by the boatload everyday. Its means nothing because they are not binding. A blind person could issue one in China if you want. Means nothing. Bob published several of them in the PR, but since he did not ship over the years, he probably pissed them off. And... they were often with nobody trading companies that had no money, but makes for a good PR. DD kings should do a search and see if these trading companies are still around.
Did it ever occur to you people that 80 is the FOB price or ex mine price and that is the price he is selling the ore for?
You guys keep on quoting PR's from Bob up the ying yang, but never quote that he always wanted to sell FOB because of the problems in China at the ports and possible demurage charges.
If you guys keep on saying that revenue is 7 million, then Bob is responsible for the ship and the charter. Yes he gets paid after the ship is loaded, but can he sell for 180 per ton and claim revenue for 180 when he is not responsible for the charter? Can't have it both ways. Again, DD kings, why don't you guys do a search of chartering party for the Kirtion. That is the million dollar decision/question.
My opinion is that buyers are taking a trial order and testing with the end user in China before any new orders. Mexico iron ore is notorious for deleterious materials that could buyers easily reject. DId Bob do enough drilling. Nope. He relied on previous drilling reports that no other sane mining company in the world would use.
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