some thoughts, page-85

Shortchange,
The reasons you have just given is why theSP of SFR is down from ~$7 to just over $5, a 28% fall in price. The price of copper falling without the $Aus falling certainly didn't help.
But they were open and released the DFS.

When did CDU finish it's DFS? What do you think it would have cashflow at by now? I'm betting certainly much higher than zero (sorry, negative to the tune of $30m/q on average over the last year).

So SFR  fell 28% in those 4 years since the DFS, CDU have fallen from ~$3.25- $1.20 a fall of 60% in the same time period.

Copper was over $4/lb in June 2011 now around $3.05/lb, that's certainly going to upset figures issued in 2011, but CDU just wont tell  us what they had as assumptions, a terrible practice for a public company.

When the final story is written about the 2 copper discoveries, SFR and CDU, as the way a company should operate, SFR will come out smelling like roses in comparison between the 2. If you had bought $50k's worth of shares in each, the day after discovery announcement, you would be miles in front with the Sandfire shares, mostly because of the openess and diligence of their management to get the mine up and running quickly for share holders.
By June 2015, it is highly likely that SFR will have less debt than CDU and half the number of shares on issue, plus will have another dividend under their belts as well. Odds of CDU having dividends in 2015?

Also comparing what SFR stated in 2011, we should also clearly establish what Cudeco stated in 2011, in March to be precise....

"THE COMPANY IS FORECAST TO COMMENCE COMMERCIAL PRODUCTION IN LATE 2012"

SFR stated they would start in 2012, and did. CDU's discovery was 3 years before SFR, yet even with the 3 year head start have still been left in the dust.

You also forgot to mention that SFR's DFS had a copper resource of 480,000 tonnes and gold of 270,000 oz.
Now in 2014, net of mining, the copper resource is 588,000 tonnes and gold 764,000 oz.
By the time they have paid off their debt, they will problaby still have more copper than CDU, that's mineable.