Ann: Charters Towers Update , page-41

great - a new management team has been in place since october - and production was 10% higher than the revised forecast. perhaps if the revised forecast had been 2000 oz, then the production would have been 200% higher than forecast - and that would have been impressive

so what does that say about the old management - were they "no good". one should ask questions about who the "management" are - anyway, the old management were always going to be mining a quadzillion oz per year - but it never happened.

as for another thread, where there was mention of hedging - well, that whole concept is a joke. . even banks have their limits , and will only provide hedging finance if they are comfortable with the "reserve" position - resources will not count. the pricing of a hedge, will usually include a risk premium with respect for the company that they are dealing with. one would find that cto, were never in a position to even think about approaching a bank, about hedging.

this mou - yes, it has been mentioned - it is non binding, and basically useless. when one reads the report, there are so many unanswered questions - especially about funding.

watso likes a company called caz - and there was a proposed placement to be made to some chinese mob - which was at a premium to the share price - but that fell apart - so these deals could be meaningless

back to cto - and even if the deal is non binding - but what is the essence of the deal - do the chinese come in, and simply pay for half of the development to earn a 50% stake, or, do they have to fund the cto share,or do they have to pay upfront for the gold, that might be there. mmmm - if they had to pay $40 per oz, up front - then that would fund the cto part of the deal.

this appears to be a wishy washy deal - but will it get shareholders to cough up, and pay 12c per share - most unlikely