Sherwin continues to extract and ship ore from its Roper River tenement to meet its agreement with its Chinese customer to supply a 200,000 tonne bulk sample. As a result of the sale contract, Sherwin expects its cash inflow in the December 2013 quarter to include:
1. Sales revenue received during October 2013 of $4.5 million.
2. Forecast sales revenue for November and December 2013 is $9 million.
A large proportion of the December 2013 quarter anticipated expenditure of $13.46 million is the cost of extraction of the ore. Sherwin is utilising a mining contractor to undertake the extraction.
Rodney Illingworth
Executive Director
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