Ann: Glencore Trial Shipment Update, page-8

20%-30% is standard grade for Copper concentrate I believe, so the grade is at the upper end. However, as always, that's only part of the story, which is the main point. Contrast Cudeco's disclosure with SFR:



so 396,077 tonnes of ore @5% copper milled for 74,064t of concentrate @ 23.8% contained copper for 17,654 tonnes, giving an overall recovery of 89.5%.

On the other hand CuDeco have had 22,000 tonnes milled for ???? of concentrate @ 29.6% copper for ???? tonnes of contained copper giving an overall recovery of ?????.

What possible reason could they have for not disclosing the total tonnage of concentrate and/or the recoveries? If they know the grade of the concentrate, surely they must know the tonnage and therefore the recovery? Why miss the key piece of information?

It's the same communication strategy as they used for the AFR article - focus on the minor information rather than the main thrust - with the AFR article it was the cap raise, with this one it's the recoveries and therefore the likelihood of a proper offtake and the terms of it.