todays trading, page-12

Hi HT,

There will definetly be a supply demand issue with mines shuting down that's clear as day. Key question will be how long will prices remain at current levels (or lower). If this is a sustained recession and it appears to be then meatl prices may take over a year to recover to a point where this operation would be profitable.

my concern is that even with $10M HNC assistance CMR can not withstand such a period and may not be around to take advantage of recovered prices. I was more optimistic 1 month ago when Co was at 30 and Cu at 2.2 and thinking that was the bottom of the metal crunch. howevr with Co at 17 and Cu at 1.54 even the reduction in AUD puts this extremly in the red. Apart from an HNC takeover i can not see how they will survive, interesting times i gues, good luck