These are some of the indications Bao is in charge of the shipping .
As of the Sept 29 PR below CWRN had hired shipping expert John Dillon and Co -another LLC (call the police) to obtain the next ship. As per Nov 17 2011 PR things were still proceeding w Dillon Co and CWRN expected a ship before Christmas in the 2 windows prior to Christmas.
Then suddenly things changed. People(not me)reported Bao had paid for 60k tons of ore before it shipped . Nov 17 PR noted ca 36-45 k tons(from memory)for 3rd ship=3rd order apparently was 36 k tons. But 4th order of 24 k tons by Bao had not even been trucked yet when people reported Bao had paid for it . This all took me by surprise-it was so different than anything we had experienced before I didnt even believe it at first.
The 1st two ships were non-Bao customers -smaller mills that only pay after they receive the ore-if then-thats why in dealing w Chinese mills- except for the large ones- you have to use a DLC-an escrow account to make sure the customer pays for the ore-we went all thru this spring 2011 -because smaller mills reportedly often play a game of chicken called "sue me and collect if u can". I believe that was the game w the 1st ship and why it took so long to collect on the 1st ship.
So prior to Christmas holiday everything was a go with ship expert Dillon -then I believe as an expert observer who can extract more info from the same data set than others and then get called insider knowledge-though I had no insider knowledge-from circumstantial evidence that Bao paid for that 60k tons of ore during the 2 week Mex Christmas vacation-because everything changed at that point -including I believe an NDA w Bao-that Bao obtained in exchange for paying for 60 k tons of ore before it shipped. Such an NDA would be SOP- Bao didnt want its competitors to know there was ore in Baja let alone about CWRN- as these big chinese steel co's are scouring every rock for new sources-thus the silent period re Bao until the 4-13-12 and 6-25-12 PR's publicly revealed Bao's involvement. So Bao paid for 60k tons ca Christmas vacation as others were posting from emails. Like I said it was such a radical change that I didnt believe it at first.
We never heard anything about Dillon Co again-another important piece of info. Another confirming series of info-CWRN was continuing a buying spree of equipment despite having spent most of the 1st 2 ships on equipment already -all as confirmed by the regular series of pics. Only Bao could 've or would've supplied the money to do so at that point.
2011 permits expired in Dec 2011-new stricter 2012 permits-as per tlc2 and rocket etc were quickly obtained but as usual there was a 2-3 week delay before all the govt depts signed off and permits were publicly available on govt websites- shorters ALWAYS take advantage of this 2-3 week delay to cry "no permit-all is lost-the sky is falling''.
Then after new permit was obtained the govt bizarrely-in an apparent overbroad attempt to catch illegal south mainland non taxpaying cartel mines required an additional series of audits of all exporters-and such audits were not finished til March 6,as per 6-25-12 PR. We didnt know reason for ship delay of ore at port until 6-25-12 PR.
So only then in March was Bao free to begin ship planning-and we saw-as I had postulated for many months-that they would wait til they had a bulk order coming from Asia to Pacific coast (such are relatively rare) and then pick up the ore for the return trip. Which is exactly what Bao did.
DD etc showed Bao sent a ship w Bao finished steel products to the west coast w final unloading at Los Angeles and then picked up 43829 tons,which i believe was all the ship could carry given its DWT,of the 60 k tons Bao reportedly paid for in Dec.
The shipping info-ports of call etc- is confirmed via various ship and port sites via dd and pics and then PR's.
>> Sept 29 2011 Remedial Drilling Underway at Mina Guadalupe
Quote:
CWRN Management stated today that the original drilling program consisted of 68 shallow drill holes into the Guadalupe iron ore bodies; 66 of the 68 drilled holes contained iron ore lenses varying in thickness from 2 to 14 meters thick. The deepest drilled hole was 20 meters in depth. The last shipment of iron ore and the current stockpiles of finished products have all come from a small section of the 1,500 meters long Coloso Vein (one of four long iron ore veins on the mineral concession) and 26 meters of overburden and iron ore have been extracted out of the section. Currently the company has begun a remedial drilling program to extend the drilling depth to a minimum of 25 meters under the previously discovered iron ore lenses and up to 100 meters deep should the ore body continue at greater depth. In the first of a series of mini drilling programs, four drill sites were chosen approximately 300 meters apart along the 275 degree Northwest Coloso strike in areas of confirmed heavy ore bodies . The results of the program will be made available to our shareholders and the general public upon completion.
Shipping Update: Bulk vessel shipping is currently on hold, pending the evaluation of cost savings on shipment size. The first two shipments of Guadalupe raw crude iron ore were delivered via HandyMax at 38,500 and 36,000 dry metric tons of ore, the latter shipment ended at a cost of $43.00 per wet metric ton of product. Shipping cost has recently decreased, primarily on larger capacity vessels; therefore, Management has asked the John F. Dillon & Company, LLC., to assist in finding and negotiating the best Seaborne dry bulk freight rates available. A decision will be make within the next couple weeks to either ship numbers 3 and 4 separately in HandyMax or combine the two shipments into a SuperMax at 58,000 WMT or a PanaMax at 70-75,000 WMT shipment.
