remuneration

Further to my post about remuneration:

W McCrae gets 100% increase in base salary :$800,000 in 2010

C McCrae is getting $ 1,095,816 in 2010

I have just noticed that the site manager, P Hutchinson has had his base salary increase by 220%

2009 - $ 275,000
2010 - $ 600,000

In fact Hutchinson's total salary for 2010, was......wait for it:

_________ $ 7,678,256 _______________

The Hong Kong Business Development office has been a farce, IMO. Wayne's son, Cameron has been up in Hong Kong since February 2008. What have been the results?

* No forward copper sales;
* no off take agreements;
* no cornerstone investor...Assure was able to get one in a couple of months (but then again, we have heard NOTHING on this since the ASX announcement of a "firm commitment")
* an MOU with a chicken company with a smelter ( and remember the CDU only found out the holding company was a chicken company in the Chinese press, AFTER the MOU was signed - great DD by Cameron). The MOU was a dud.

Whilst there may or may not be more mineable copper in the ground that the JORC report suggests, I believe there is a major problem with the management of CDU. There are two separate issues to be able to increase the share price; (1) a good BFS, and (2) Management.

The remuneration report should be voted down at the AGM, and there needs to be changes to the Board.

IMO, these questions are already being raised by Assure and the potential institutional investor, hence the delay in the release in the details of the investor. IMO, whilst you can pull this sort of stuff off with a complaint retailed investor base; institutional investors will not have a bar of some of the antics that have gone on (share buybacks from capital raisings).

The days of Wayne treating CDU as his private company (IMO) are numbered. He will just not get the institutional funding.

Why has there been no investor roadshows through Europe, USA, not even Australia??? CDU has been touted as the next force in copper; a world class deposit. Why haven't management been out selling CDU to the world over the last 4 years, since the initial JORC in 2006? The 'Baby John' video on the CDU site, does not count!

Telling people endlessly, that they have to go to Cloncurry to 'see to believe' is not how a mining company promotes itself. Sticking your head down drill holes for 4 years does not sell the company to investors with the big $$$ to move this project forward. IMO, the CEO / Chariman does not have the skill set to sell the CDU story from this point forward.

I think WM had a vision of companies and institutions falling over themselves to get a piece of the CDU action, and he could continue to control CDU like it was a private company (IMO)...well, that vision is no longer!



Cheers, Skip