I forget that some apparently cant even read ihub?because they are banned or may not want to wade thru all the garbage here. If we want to make this a real alternative then thats in favor of posting this summary also-I'll also add some free goodies.
Many PR's referred to the 1st 2 ships-spot at time of 1st ship was 175-192,(Feb 2011 got up to 191.90 and was predicted to get as high as 250 but speculators in a new iron derivatives market -didnt we learn anything from the great recession- took spot down in Sept -Oct) spot at time of 2nd ship was 170. Its too late to go back and undo these sales as much as some try. Its too late to take CWRN back to pre-production, pre-venue and pre-net income.
Current games/complaints have nothing to do w CWRN's operations-which are not hindered in any way and dont even ask any officer or director to withdraw from their position-unlike all but 1 other company in the complaint cattle drive
So I'd prefer to focus on operations-the other issue has been beaten to death
These posts from thousands of hours dd pretty well sum up operations
From a look at these PR's its obvious the net income from these ships was millions per ship.
The ca 11 million plus estimated net profit /date can easily be seen in the many millions in ongoing equipment purchases.
Since only 30% of 1st ship net paid off millions in investor debt etc this is also confirmation of the market price of iron at time of these ships.
Re dist of revenues from 1st ship Kriton
May 26 2011 "Revenues Distributed, 2nd Bulk Shipment Close"
" The company under Irrevocable Assignment of Documentary Letter of Credit Proceeds, distributed the revenues from its first bulk shipment of iron ore under the following percentages; 60% to ongoing operations, 30% to Project Investors and 10% to Management. The Project Investors recovered approximately 75% of their cash contributions; The Ensenada International Terminal was paid approximately $320,000.00 for receiving, storage, material handling and cargo loading, $356,000.00 was paid to Road-Runner Trucking, $1,115,000.00 was paid to COSFAR Bulk Cargo Shipping, $220,000.00 was paid in royalty fees and surface rights. The Company was also able to meet its obligations to PowerScreen of California paying a balance of $975,000.00 for the crushing equipment. We would like to thank PowerScreen for their ability to provide us with over $1,500,000.00 in equipment that was paid off under settlement of DLC proceeds, without their help it would have been very difficult to secure the equipment we had specified for the production. The Company will be receiving more equipment from PowerScreen shortly.'
Importantly they bought major screening equipment to enable processing of the 1-3mm ore, (original used metso screens seen in Nov 2010 pics took too many passes)
paid off 75% of investors cash contributions w only 30% of the revenue-so that confirms large revenue because those cash contributions were in the millions
,management received 10% to go towards ca 1.6-2 million they had advanced as per filings, but 60% went went to operations. They also reportedly acquired the previous 68 drill hole reports at this time-which led to the Coloso etc veins
