announcement - response to asx letter, page-2

Again we need to know the nature of dispute between CMR & HNC, nothing to date has addressed the issue. One would have thought those bright sparks at ASX would ask the obvious question- WHAT IS THE PROBLEM?

My guess is CMR made public intention to scale down operation which was a surprise to HNC and therefore they went to formal dispute mode.

If this was the case CMR had no right to make those comments before getting approval from HNC as they have a say as 50% JV partner in the future of oxide plant. Therefore just a last minute limp wristed attempt to say they will scale down operations to save money, to do otherwise means they were incurring more debt and exposing themselves to trading whilst insolvent.