Business

Processors sign on to receive Boulder Steel products

CONFIDENCE is growing behind the scenes for the Boulder Steel project in Gladstone, with the vital environmental impact statement under way again and several letters of intent signed with producers in the Asia Pacific region.

While the total funds raised to date are about $380,000, an important deed of company arrangement payment for $150,000 is due five days after the existing Boulder Steel shareholders approve resolutions put to them.

For some time now, the notice of meeting has been held up, and while there is no firm date set at this time for the shareholders' meeting, it looks like being in mid-August.

A Chinese steel processor and a processor in the Philippines have together committed to about 70% of the initial five million tons a year capacity.

CQG Consulting in Rockhampton has done much of the work to date on the EIS, and that process is underway again.

The Boulder Steel Rescue Group has achieved what some people had thought impossible, and co-ordinator Paul Sundstrom said they were facing a constant battle against negativity.

But while being confident, he said there was risk in anything.

"The battle we continually face is the reasonable question, 'If this is such a viable project, why didn't other investors take up the opportunity during the administration process?'," he said.

"This primary reason…is the total mess the Australian insolvency industry is in, and that serious investors did not get a proper look-in at all."

He said funding had continued to come in steadily, "which is great, and has enabled us to get that critical EIS going again".

"There is still time to invest in the rescue, and with confidence of the project proceeding now above 75% and heading for 80% it is a very good opportunity, but at the same time people need to be mindful that there is still a risk of failure," he said.

Mr Sundstrom can be contacted by email to taseng@hotkey.net.au or phone 4979 0200.

Topics:  boulder steel gladstone business industry



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