order 3 ( counting 1st 2 ships as 1 order each for

order 3 ( counting 1st 2 ships as 1 order each for our purposes here) of ca 36k tons trucked Oct 24 to Dec 2011 (see Nov 17 2011 PR) was suppose to be picked up by a ship in last 2 windows before Christmas 2011 but Mex govt suddenly without warning canceled all permits for that year (see 6-25-12 PR) prior to their normal Dec 31,2011 expiration date-

so Bao may have paid for 36k ton order 3 expecting imminent pick up Dec 2011-which then could not occur until Bao ship arrived June 9 2012 because of new 2012 permit requirements plus the new 2012 countrywide series of audits (finished Mar 6 2012) and was paid for in Dec 2011 according to rrr1 public post back then

order 4 and 5 were trucked in 2012- I dont remember all the details but a small portion of that might have been paid for also-order 4 believe was 24k tons trucked Jan-Feb 2012 and order 5 trucking of ca 20 k tons began ca March 2012-but it would be a huge deviation from standard practice for Bao to pay for order 4 before it even trucked

of the 43829 tons shipped June 13 plus remaining 45000 tons at port for a total of 88829 tons prior to June 9-13 2012 ship its POSSIBLE that order 4 of ca 24 k tons was paid for also-though I didnt initially believe the reports of Bao paying for ANY ore Dec 2011 before it even shipped- because that is so extremely unusual -actually unheard of-but we saw a tremendous increase in equipment subsequently which logically could only occur if Bao had paid for at least the 36k ton order 3

so of the 45k tons at port at most 15k tons could have been paid for-an unofficial report (didnt come from the co to me) of 60k tons paid for Dec 2011 IF TRUE (which would be 36k tons order 3 plus 24k tons order 4)

but the most likely scenario-given how these things usually work- is that only the 36k ton order 4 was paid for in Dec 2011 -because that was the only ore at port Dec 2011 when the govt prematurely cancelled 2011 export permits country wide (due to concerns over illegal mines)

in that most logical scenario Bao would then have paid for 43829 tons shipped June 13 2012 minus 36 k tons paid Dec 2011 for a total of 7829 tons (shipping manifests always vary somewhat from the officially reported amount) June 2012 and would NOT have paid for the 45000 tons at port yet