from what we have publicly heard there is more than 200k tons of 0-1mm waste of waste  byproduct so I would agree w 400k tons also in inventory even though I dont have enough info to prove it-but obviously govt delays-extra audits and who knows what-then unexpected price fall which is now being reversed partly because chinese domestic companies, as per articles several of us have posted, have much higher cost for their very poor average 20% and falling chinese ore-what is the cost for ore in underground mines as low as 4% concentration? Bao presents many opportunities but they are in charge of shipping and their inventories..