Ann: CSD clarifies inaccurate media report, page-2

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"In a report in the Courier Mail on August 31, it was claimed that CSD had previously entered into voluntary administration in 2016, owing $50 million. This is incorrect. The amount of external debt was $20 million.

A Joint Deed of Company Arrangement (DOCA) allowed the Company to settle external debt with a $10m Trust fund and to convert internal debt to equity.

The report also claimed $100 million was invested in CSD by Chinese investors. This is a complete fabrication with no factual foundation.

The news item also claimed that CSD was allegedly responsible for the release of contaminated wastewater from the Baal Gammon copper mine.

By way of clarification, the Department of Environment and Heritage withdrew any prosecution as there was no case to answer. Subsequently, the matter was dismissed by the Court.

CSD terminated all rights held under a Mineral Rights Agreement on 1st February 2017 and has no connection to Baal Gammon Copper Mine or any of the recent contamination issues which are the subject of recent media attention."


I made some comments about that reporter (and I use the term advisedly) and the report previously.

Suffice it to say that the newspaper should be grateful that CSD was not trading at that time!