I was working in Isa for the last 8 years so was early on cdu...

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Twg270

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05/04/24

17:32

Post #: 73212369
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Originally posted by ozblue: ↑

I was a holder of CDU during the beginning phase of the mine build, went to the AGM in Cloncurry, sat next to one of the directors on the way home on the plane, so questioned him mercilessly...
I bailed on CDU with a small loss when I worked out they were telling porkies about the machinery readiness. On the mine tour they had equipment all lined up in place for first production, including an ore sorter that was going to grab XYZ tonnes of native copper every day, starting in about 2 weeks time.. Everything was ready shareholders were assured.. That was late November..
End of January the following year, they had photos of all the machinery lined up ready for production, in the quarterly announcement, but were not quite ready. I noticed the ore-sorter that was going to make squillions from the native copper was in a completely different location, put aside for a reason not explained and out of position to do what they were still claiming it was going to do!!
I rang the company and was basically fobbed off by whichever director I was able to talk to, with a totally different explanation to what shareholders were told at the AGM and reinforced in the quarterly. Nothing was adding up, so I bailed fairly quickly. I was lucky and walked away with only a small loss from that one.

For those that don't know, the company CDU, was talking up their operation right up to the day receivers were called in, with about 6 constant, positive, ramping posters, the entire time on HC, always singing the praises of management and the company. Not surprisingly, the day the company was placed into receivership and directors and management stopped being paid, was the last day any of those really positive posters on HC posted, on anything, not just CDU. The ratio of their CDU posts to other company posts was very similar to the ratio of Maureen22's postings of JPs companies to other companies...

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I was working in Isa for the last 8 years so was early on cdu too but I'm not as present in this sharemarket line of work so I lost everything tied to CDU essentially. They were also refusing to pay contractors for work done too and owe my mates company a substantial amount. In the million range. They also bought the cheapest processing crap from a very large country that mass produces a lot of things. And most of it had to be rebuilt. It was honestly a train wreck from the start. I get sick when someone says the term "native copper". Anyway, still slightly better than sgq atm, at least cdu genuinely tried.

SGQ Price at posting: 1.9¢ Sentiment: Hold Disclosure: Held
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