re: cfr - announcement soon ??????
CFR has the label of a penny dreadful stock and by definition it is . However for a small company CFR with limited resources has shown tremendous foresight and attained considerable results in gem exploration in Eastern Australia . The motivater behind CFR is its director Peter Kennewell a very astute and "economic" minded geologist who also has a great deal of share market knowledge , a very rare combination. To my knowledge CFR will have the only ruby mine in Australia as well as interests in saphires and groundbreaking diamond exploration and mining. The Rubies at Gloucester are located on Kerry Packers property as is widely known . Probaly not as widely known is that Mr Packer has an older style title to his property and as gems weren t declared by the govt to be precious before the 1920 s the usual royalty paid to the govt instead goes to Mr Packer. CFR have done a tremendous amount of work with a view to value adding to the rubies and diamonds they mine. Australian gem cutters proved too costly so most of CFR s cutting is done in Thailand ( that being the home of rubies so to speak ) Many people in their ignorance bag CFR , I know its a small cap company, but credit where it is due . CFR has a small tight proffessional management and lets face it , how many companies regardless of size are doing a deal of this magnitude with Kerry Packer. He is buying all of CFR s not insignificant ruby production which will be from a shallow alluvial operation , which in effect will be a low cost earth moving operation. I know little of cut gem values , perhaps some posters could supply some prices . I have been a little out of touch with CFR the last couple of years but at that stage CFR where the second biggest diamond producers in Australia after Argyle ( admittedly on small production ). Bottom line is , bag CFR if you like , but they have been doing things. The negotiation of a deal with CPH demonstrates this.
CFR Price at posting:
0.0¢ Sentiment: None Disclosure: Held
