CDU chart update, page-68

ROH,

you led the cheer squad on the crusher, it was supposed to be commissioned by Dec 2012. reports in June 2012 from CDU were claiming all was on track.

Why did shareholders only discover it was not working until early 2014 and that there was legal action for $10 mill.

Think about it, who was on site, who is supposed to be the expert. why shouldnt WM take resposnibility for this mess, everyone is ready to praise WM and management for going mining, but with respect debacles like the crusher and the delays are typical of the CDU project. DSO sales should have been happening over two years ago.

SFR announced grades and volumes six months ahead of first sales and even before mining commenced.
You can say all you like about Rocklands being unique but dont you keepo telling us that WM knows what is her and we dont.

This company really is a shambles with all the delays and cost overuns. As of today, can you tell me how much more is required to finish the plant and when it will be operating.

The way it is going, the $65 mill Minsheng loan will be used up (the other part of the loan is for port and rail not plant) , shareholders will not stump any more funds, Sino will get more shares in lieu of cash. We also now have a ticking bomb under us. The loan has to be repaid progessively between 18 and 30 months from date of first draw down.

Guess what, Minsheng have security over all assets. First payment due in Jan16 and full payment by Jan 17, thats $65 mill US$ (A$75 mill)needs to be repaid in that 12 month period plus we have interest accruring at $4.5 mill pa.

So the company needs to get a move on, very quickly with not only DSO but copper concentrate from the plant or us shareholders will have nothing.

Past performance suggest that the company will not be able to cover the debt payments needed .