Hi etal
Here are my observations of the CuDeco EGM today. I may have missed a couple and you can marry my comments with others that you may read on Hot Copper. I have tried to be careful with the facts.
All items passed unanimously.
Quarterly Report on Monday will tell the full picture.
Next AGM will be on the Gold Coast.
170t container NC held up by Authorities in China. Appears the high grade NC new to them. Matter proceeding.
However a test done in Victoria shows blister copper OK something like 96/97%cu.
CuDeco is to do the similar type smelter work in situ to get greater financial benefit
CuDeco has an Induction Furnace under test to get the blister copper. Initially the unit will do 30t a day and will be upgraded as necessay. Power is available.
Rocklands has plenty of copper and supergene ore. Grade 3-4% cu.
Electrics to be completed early June over 200 working on it.
No more Capital Items after this.
Expenses running at $500k a week.
There is a need to lodge 125% of Working Capital(18 months) with HK Authorities to List. i.e. $60m.
Oceanwide $30m.
Issue 23m. at $1.25 to raise the other $30m
This gets us into production.
Opportunity could arise to purchase near new model trucks. Face value new $1.3m each and could go for $45k each.
This would need a final dilution of 5m shares if purchase goes ahead.
Plan to have 2 crews 7days on / 7days off.
1 shift of 12 hours a day. Truck 50kt a day.
Ore sorter installed was a lengthy process and has been operating for a week. Cost around $1m and working efficiently. Will upgrade the ore.
Nothing has changed from Announcements. Not looking at any other proposals. Opportunity may come along and that will be looked at.
Global Mining House could have been better named Large Mining House.
Cost of processing 1lbcu 81c.(currently 66c)
HK listing hopefully 5th June, 2015, if all goes to plan.
Transfer of shares to Hong Kong recommended. Transactions will be same procedure as now.Form will be issued to transfer.The transfer is optional. You can stay listed on the ASX.
WM said the Resources area was the hardest he had experienced in the last 40 years.
Glencore can come back for more ore if meets CuDeco's set terms. The offer is there. No action at the moment.
A pleasant meeting was held by all and new acquaintances made. New Apex and Sinosteel were represented.
CuDeco may not go ahead with the rail and port facilities at this juncture. A logistics company can do the work at a lower price and this saves an outlay of $50m.
There is no truth in the Fin, R. article as far as CuDeco Management is concerned.
I hope you can see the picture as I see it.
cheers,
Max
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