Ann: Quarterly Report December 2014, page-14

ROH - you will note - I referenced my post with what the Chinese may want not necessarily what W.M or the minority Australian holders may want - For a Global mining house to be built acquisitions will be required Even with further drilling an a plant upgrade to even 20mt per anum wouldnt make CDU a Global or even a major mining house - Exco also put up the white flag rather than building a plant to go it alone - only time will tell if the CDU path returns the economics that You and other long term holders are hoping for - given the lack of a quantified DFS its still a leap of faith at this point in time.

There has already been a substantial blowout in capex costs and the total shares on issue will have diluted dividends by more than 50% from original estimated total shares on issue - SFR by contrast only have 156m shares on issue thats about half of what I expect CDU will have possibly even less if the 27m options get converted.