Mr Gay told about 90 people, including a contingent of anti-pulp mill shareholders, the project was in a `ready status' for construction to start once finance was obtained.

He said the financial crisis had had a big impact on the project.

``The timing of attaining financial close for the project will largely depend on developments in the financial markets.

``These markets have weakened progressively over the past year with quite dramatic changes over recent months.

``There will be some period of time before financial markets stabilise.

``When that window (reopens) we will go and get financial closure.''

Mr Gay said the financial fundamentals were `still okay' and it was a viable project.

``What is clear to me, and has been highlighted in the current economic environment, is that the Bell Bay Mill will be highly competitive in the global market.

``This is due to the location and quality of the wood resource, the scale and design of the mill and the proximity of the mill to the Asian market.''

He said Gunns was continuing to seeking an equity

partner to take up to a half share in the project.

``We're talking to (people) in North America and Europe . . . and a discussion in Asia, not a serious discussion.''

Mr Gay said said the potential equity partners were all present operators in the pulp industry.

``The discussions to date have been positive with a significant exchange of information and consideration of key relationship issues,'' he said

``This company will continue the process to build the mill for as long as it takes.''

The company is still waiting approval for 12 of the 16 Federal Government environmental modules and its sovereign risk agreement with the State Government expires next month.

About 50 anti-pulp mill protesters greeted shareholders at Gunns headquarters in Lindsay St, Launceston.

The dozen or so shareholding opponents of the project asked most of the questions during the mostly orderly meeting that went for about 90 minutes.