Ann: Update in relation to administration of True North Copper, page-14

I am also suspicious of the sell down prior to Administration.
I read in today's AFR that Glencore will hold 9.9% of the new TNC. Also Glencore insisted that the agreement to process Cloncurry ore through Ernest Henry remains in place.
What irks me is that Nebari will get 90% or more of all their $$$ back and we have been used to wipe the floor and provide a basis for the Money Boys and Girls to enrich themselves.
Interestingly, also, is that principals of Nebari used to work for Glencore.
In the end though we can do nothing. Let us be a little relieved that we have a little bit of equity in the new venture , not completely wiped 17.7% in the $ is better than 0.0% in the $.
It appears that Glencore DOES want copper to process. Apparently the North Queensland plant is impotant in their global scheme.
I particularly note point 5. from Eastwest101 post. This was exactly what Bevan Jones spoke to me about when I met him.
IF Mt Oxide does prove up to be the large company making resource we may hope it is then having Glencore as part owner is exactly what we want.
We cannot change what has happened before us. Most of us has seen plenty of disasters ( both intentional and unitentional) over the years when investing in shares.
Personally, I am thankfull that some/any value remains and there is even a fraction of a chance that can be recouped over time.
I will keep holding and watch and hope.