Denham Capital are the private equity fund that hold Auctus...

Denham Capital are the private equity fund that hold Auctus which holds the Mungana/Chillagoe assets. CSD were proposing to acquire Auctus from Denham Capital.

The wording of the ASX halt is not positive - the transaction itself was subject to finance (amongst other conditions), plus CSD have fallen behind the previously announced documentation timetable (notice of meeting etc).

If the transaction has fallen over, this is a positive for CSD (not raising material debt to fund the acquisition of a loss making asset), but also a negative - does CSD get bacak the $2m deposit they are supposed to have paid, plus what happens to the $1m break fee (noting that these would have come out of CSD's existing debt facility from Cyan Stone).

CSD is still in a hole - with Mt Garnet running at a cash loss (debt financed) and with no reason why this should change (probably be worse due to materially lower commodity prices in the short term).