An article from the Canberra Times that demonstrates packers original involvenet with CFR. Whilst the new arrangement will give CPH buying rights, it will certainly further their interests.
Thursday, 30 March, 2000
Packer strikes it lucky, again, with NSW gems find
PERTH: Kerry Packer has struck it lucky again, with a mining company finding a valuable new deposit of rubies and sapphires on the billionaire's own property.
Cluff Resources Pacific NL, in which Australia's richest man has a 15 per cent stake, made the find on Packer land adjoining his NSW Hunter Valley polo stud.
The mining minnow said an additional 600,000 carats of rubies and 300,000 carats of bright yellow, green and blue sapphires had been discovered at its Gloucester Ruby project, between Gloucester and Scone.
Cluff's latest find has boosted the project's inferred resource to 4.6 million carats of rubies.
Mr Packer agreed to allow Cluff to go ahead with mining after a deal with his private company, Consolidated Press Holdings last October.
The deal will give Mr Packer 10 per cent of all rubies produced from the program. In addition, Mr Packer paid $100,000 for an option to acquire 15 per cent of Cluff shares at 2c each and $200,000 for a further option to acquire 51 per cent of the Gloucester project for only $5 million.
"He's a smart cookie," Cluff managing director Peter Kennewell said of Mr Packer. - AAP
