Project takes its next step

摘要

During a mining conference in Singapore earlier this year, Michelago Ltd's chief executive Greg Starr gave something of an insight into what it was like for a junior looking to get a gold venture up and running in China. Michelago's first Chinese project off the rank -- a biogold facility in the country's Shandong Province -- took another step forward in mid-June when the ANZ Banking Corporation agreed to provide half the working capital guarantee needed to run the operation. The total guarantee required is around US124 million dollars- US12 million dollars of which will come via the ANZ. In December 2004 Michelago announced the execution of the equity purchase agreement to buy 82 percent of the facility in an