There were 5 conditions to be met before a drawdown. have all of those 5 conditions been met?
I can recall that back in Oct Nov 2013 somewhere, it was going to take 14 days to finalise the loan. How many days are needed to meet the 5 key conditions before any drawdown can take place? Clearly it needs to be done by June.
The $70m loan will last about 3 quarters at the current spend rate. Will there be regular revenues flowing by March next year? It appears that the plant will be late compared to the previous known date of late 2014 for completion before commissioning.
If a decent level of production is not in place by March 2015, then additional capital will again be needed on my calculations. Will full commissioning be done by then?
Many bridges yet to be crossed in this project.
When will the mining process get up to full speed to produce 3 million tonnes per annum rather than 400,000 tonnes which has been the rate for the last year?
The figure of 100,000 tonnes of high grade native copper ore hasn't changed from the previous quarter, so no high grade native copper ore was mined in the last quarter at all.
CDU Price at posting:
$1.88 Sentiment: Sell Disclosure: Not Held
