Hello, just wondering if you will be releasing an announcement regarding the effects of the "super-tax", good or bad, in relation to CAP.
I'm a member of the Hot Copper Forums, and many shareholders are very concerned and the share price is suffering as a consequence.
I think people are reacting to the uncertainty and are selling any mining shares and investing in other sectors of the market. This uncertainty could well go on for some time, perhaps until after the federal election.
Perhaps an announcement explaining CAPs position, especially in relation to the BMG deal for the Hawsons project, would allay shareholders (and potential investors) fears.
Reply from CAP...
Thanks for your inquiry. We cannot and will not be making any ASX announcement as such in relation to the newly announced Rudd mining super tax we can only say that the devil is in the detail and that we have not seen enough of yet. However, we do not anticipate this to have any effect on us for some time yet. As it is a Super Tax on output profits and we are not quite at that stage yet. If and as things change we will of course advise shareholders accordingly.
The deal with BMG still stands in its entirety as per ASX Announcement dated 20 April 2010, we will be receiving, as advised to market, funds in three tranches over next three months, $8 M for exploration funding and $4 M for CAP. These payments will begin on 15 May 2010 and then the two following months of June 2010 and July 2010. Once again thanks for your contact. I trust that this will allay your concerns and that of other Hot Copper Forum members.
CAP Price at posting:
44.1¢ Sentiment: Buy Disclosure: Held
