how much debt/equity does cdu need to raise, page-20

BRETTO, you are too hard on me! I have already stated that I think the JORC is a fair representation of the deposit, and also congratulated WM on this august forum after his excellent capital raisings at a premium. Credit where it is due.

But at the same time, the July 7 2011 announcement said that commissioning would commence late 2012 or early 2013. The latest report says it will be August 2014. In two and a quarter years the commissioning date has slipped one and a half to two years. Just the crusher, a stand alone piece of equipment capable of being commissioned early for early revenue from NCU (which, over two months since commissioning started, still has no news) was over seven months late. That doesn't indicate a management team that has (or had, they have brought in some fresh blood since then) a firm grip on the project. I sincerely hope that they do have a better grasp of the financing. Let's face it, the buy back isn't looking like the master stroke it appeared at the time.