Can anybody tell me when CMR first claimed that the agreement with HNC de-risked the Oxides project and the company. Is there any way to state evidence of when these claims were made. I have been unable to find any such statement in formal ASX releases.
The statement is still on the co web site but it is not dated.
I have a copy of Cuzo's Proof of Creditors draft that states such claims, amongst others have been published since 30 October 2006. I don't want to plagiarize Cuzo's work but when I took a holding in CMR I was under the impression that with the backing of HNC the risk was greatly reduced. I hope to include this with my formal application for Creditor status.
In other news, I have a relative who works in Batchelor, not at CMR. The cessation of mining operations has had a significant impact on the town and a lot of people there are hoping the project will get back up and running. The operation continued for a short time after the VA was announced in an attempt to prove positive cash flow. The majority of people have lost their jobs however there are still busses on the streets of Batchelor going to and from the site. Word on the street is that construction was a bit of a cowboy operation. Some dams were built in the wrong place and had to be moved. They were trying to do it on the cheap. Possibly in an attempt to keep the project within the unrealistic budget of $60 mil.
Such a sad story
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
