AMI (ASX) The Cobar Post

Originally posted by bushbuzzard ↑

Well with the sale of CSA, tongues are most certainly wagging around town atm..

With no offical Valuation announced by Glencore the local goss is anywhere from 250-300 million or over one billion.. And yes we are placing bets on it..

I have been told that there is absolutly no interest from any parties in purchasing CSA as of yet...

Of course this goes against what GlenCore had previously announced "that there were parties interested In buying CSA from them"
Apparently the reason for doing this was to put the word out there, generate interest and Hopefully get a sniff From someone with very deep pockets.

So after a couple more pale ales And a bit more chatter with my friend. the conversation came up as too why, CSA's mining leases are rich in deposits deep within the ground and it has thousands of square kilometres of mineral rich exploration leases throughout the Cobar region so it has to be a profitable mine right??? Well Apparently I'm wrong, I had there budgets explained to me and from an accounting perspective he said exploring new ground is just not an option as it is just too expensive.. He said Its an old mine and to keep it operational for another 15+ years a lot of capex is required on upgrading infrastructure and further expanding the mine so they can get to the new ore body's underground. The costs of processing the ore are going up and there profits are down, Glencore is a very cash poor and really sounded like they are in the poop. Basically If no buyer can be found. it won't be good for Cobar they may stop operations until Either a buyer or the $$ can be found.

Since 1999 Glencore has slowly been bleeding us dry, and now they feel that We have no more to give! I've lost count on the number of lives and family's they have destroyed along the way and not to forget the number of young Boys who went to work never to return home... Well GC I won't miss ya..

Gee I wish it was that easy to get rid of Lillian Brady, she just won't go. With Lillian gone and no Glencore Cobar will finally be going places!!

Oh and There was some news on Aurelia.... Glencore believe that they have a sound case and are very confident of making a successful argument come November. My friend said he was privy to some of the information regarding insolvency but he said he didn't want to say too much about it. Because it's not general knowledge, he said If they win then the Hera Mine will be sold off separately or as part of the deal in selling CSA. If they lose then they will become the majority shareholder in AureliaMetals by the conversion of the debt into shares, with a market cap of 13 million he said Glencore will then only need to spend a few extra million to take out the company, as Glencore are very Cash poor, if they can sell of the Hera Assets and recover anywhere in between 30-50 mil it will be a classed as major win for them. I suppose he is right as otherwise Glencore stand to walk away with nothing.

And that was it... Something to Think about

Expand

How reliable are your sources?

If Glencore succeeds then I think a class action against directors would be worthwhile.

Trading when insolvent, no good faith, actions not in the best interest of the company... seems like a legal field day?

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(20min delay)
Last 18.0¢		Change -0.005(2.70%)		Mkt cap ! $304.4M

Open	High	Low	Value	Volume
18.8¢	18.8¢	17.5¢	$703.7K	3.893M

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