The_Open_Door_deel1

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TABLE 10
FINANCIAL OBLIGATIONS' OF N.I.O.C. AS OF DECEMBER 31, 1977
Current Liabilities:
(in U.S. dollars)
- Short term notes payable (to M.M.A.L.) $ 550,000.
- Accounts payable (suppliers credit) 2,864,192.
- Payable to L.M.C. (mainly due under the
Railroad Trackage Agreement 1 ) 1,235,189.
- Accrued payroll and annual leave 276,947.
- Accrued interest 18,876.
- M.M.A.L. (management fee mainly 2,938,414»
$ 7,883,618.
Long-Term Liabilities;
- Bankers Trust Company (several loans) $ 2,696,133.
- Citibank (Liberia) 399,894.
- Citibank (New York) 175,781.
- Export-Import Bank (two loans) 2,175,074.
- Cabila S.A. 515,827.
- Cabila S.A. and L.K. Christie Trust 1,894,473.
- M.M.A.L. 526,000.
$ 8,383,182.
Note:
(1) N.I.O.C. paid to L.M.C. for the right to transport ore from
the Mano River Mine over the railroad between Bomi Hills and
Monrovia's Free Port a fee of 10 cents per gross ton of ore
according to the Railroad Trackage Agreement based on the
ore's natural weight but in practice based on its dry weight
reducing the effective rate per natural ton to around 9 cents.
Source:
- National Iron Ore Company, Ltd., Financial Statements,
Year ended December 31, 1977