ore being loaded onto the Ilia- the port site as l

ore being loaded onto the Ilia- the port site as ly1 and another have posted indicate 70000 tons -so hopefully that will be confirmed by a PR-

last PR was 12-13 days after Qin Hai ship left June 13, 2012 after loading ca 43829 (ship manifest says 43823-usually I post the figures listed in PR's which are burned into my memory-the shipping manifests were available only much later) tons in 4 days-the Ilia was initially scheduled for a 10 day port visit--had Aug 8,2011 PR the day after 2nd ship Loreto left w 36002 tons of ore

the spot prices are ACTUAL latest MARKET contract prices -thus the default point of beginning for any negotiations- any time negotiations stray from defaults a whole can of worms is opened and things get very complicated-so as someone who negotiated for many many years I take spot at face value

plus ore as tested on previous ship was prem ore at 64.5% which historically has added ca 5 dollars/ % above the 62% benchmark or 12.50/ton-so the default price when spot is 130 would be 142.50 historically

we dont know at what point contract sets price so until we know that we CANT know what price is-sometimes they average price on departure from port where loaded and arrival in China - spot price this year has been ca 125-175/ton

-also Baos bigger desire no doubt is to acquire CWRN- thats what these Chinese companies are doing around the world- China has spent billions on pro bono public works projects in Africa just to gain favor w African govts and thus an opening just to bid on contracts

grajekk much earlier pointed out Chinese Wuhan Steel Co acquiring  40-60 % JV stake in a Labrador border mine from whence would have to spend billions just to build a railroad hundreds of miles to port- so imo Bao wouldnt want to upset or complicate its bigger desire by unnecessarily difficult negotiations just to save a few dollars /ton now

Bao parent vice chair of board visited CWRN ca Nov 2011 and imo the only reason for him to leave China is for JV or buyout discussions-
the Presidents of wholly owned subs Bao Brazil (who spent a lot of time at the mine) and Bao USA are both big boys and no doubt authorized to enter into long term contracts as Bao had already vetted/ dd'd  CWRN before their very first known visit ca Sept 16 2011