439a report, page-5

Hang on am I reading the same document

There are two reports to download

One for CMPL and one for CMR

tHE CMPL ONE proposes that proposed CMPL (the subsidiary operating the mine) be wound up but the CMR one says Directors have proposed a DOCA that allows CMR to trade for another 12 months and explore restructure options -

HNC/HAR withdrew their proposed DOCA because of the reluctance of major creditors to accept it and withdrew from negotiation

God help us - it looks like we are stuck behind the 8 ball again - no DOCA from HNC and the only DOCA being put forward is by the same people who got us in this mess.

Below is from the CMR 439a report where the Administrator expresses his opinion as to why the company failed - i.e. "lack of adequate project design and controls" but he also reckons it was due in part to metal prices falling -

I can understand the ascertion that the company failed because of inadequate planing and control but not metal prices

Seems to me if you are not producing metals (in any decent quauntity) you aint got none to sell - or you have stuff all to sell - so how the hell does falling metal prices impact the company...

From CMR 439A
5.2 Explanation for Current Financial Position

The directors¡¦ explanation for the company¡¦s current financial position is as follows:

„h Withdrawal of HNC¡¦s support;
„h The fall in commodity prices;
„h Delays in the target production levels from the Oxide plant; and
„h Construction delays resulting in extended construction period of the process
plant, and the inherent costs applicable thereto.

My preliminary view is that the company failed because of:

„h A lack of adequate project design and controls; and
„h Significant falls in the prices of copper, nickel and cobalt.

Now I am no lawyer, but lack of adequate project design and controls sounds actionable to me.

Imagine the directors were your doctor and the mine was yo the patient. The doctor was going to do an operation but his planning for the opoeration was inadequate as were the control mechanisms he put in place eg ensuring all staff were trained competent and qualified and equipment to monitor your bp - oxygen level - breathing - heart rate etc were all in place so he could tell if you were going down the tube and do somethign about it early enouvh to stop you slipping off the perch - but he went ahead anyway - if you suffered damages - as you likely would - do you reckon he would be sued - seems pretty similar situations to me


Then we have discussion about various directors resigning - but no mention whatsoever about the sudden departure of Greigenson

Mr Philip Cohen retired as CMR¡¦s company secretary on 1 February 2008 and was
replaced by Mr Neil Robert Guest. Mr Cohen retains a position as a non-executive director of CMR.

Mr John Chappel and Dr Malcolm Humphreys retired from the board on 10 January 2008 to pursue other interests.

But no rference to Griegenson's departure - I want to know why he resigned


Whats the sentiment for DONT TRUST ANYONE NOW