ACN. 000 317 251Letter to Shareholders 28th June 2013Dear...

ACN. 000 317 251
Letter to Shareholders 28th June 2013
Dear Shareholders
I would like to advise shareholders of CuDeco that there has been no material change or any other change to the company. The relentless selling and short selling of shares by a group of hedge funds and our largest shareholders is allowable without interference from the regulators. The company has an independent analytical report indicating blatant manipulation by four funds and this has been handed to ASIC for investigation. The company has made a formal application to ASIC to have CuDeco exempted from the short selling. I, as Chairman, can only apologise for the conduct of these company’s and the fact that they are allowed to operate this way. The company has not received a formal reply from ASIC.
A spokesman for one of the major sellers who recently accepted a placement at $4.00 a share indicated that they selling was because of the company extending its date for the commencement of production.
Our company expresses that its directors work for all shareholders of CuDeco and the reasons behind the extending of the commencement date for production is because the company refuses to accept quotes for various forms of construction of the Rocklands Project because of gouging quotes for civils, concrete and construction, steel and others. . The company has saved shareholders more than $150m is costs to date. The big end of town doesn’t appear to be worried by costs, but at CuDeco we are.
The company makes no apologies for the savings to the project and if it takes a little longer, then it takes a little longer for the benefit of all shareholders. It is probably a silver lining for us at present as the copper price is currently low and we would not want to be producing metal at these prices.
When quotes by contractors are required and tenders put out by mining companies it appears to be an opportunity for a LOTTERY WIN. Unfortunately for these service providers, CuDeco is a micro managed company and we are not going to pay these exorbitant and ridiculous quotes that they appear to have been getting from other projects.
Unit 34, Brickworks Annex,19 Brolga Avenue, SOUTHPORT 4215
Phone: +617 5503 1955 Facsimile: +617 5503 0288
Email: [email protected]
ACN. 000 317 251
Over 300,000 tonnes of ore has either been stockpiled or in situ blasted with a current rate of mining at the rate of 40,000 tonnes a day of ore and waste.
The company that is supplying and erecting the Crushing circuit EMS/Index Engineering has confirmed the crusher will be commissioned on the 30th July.
The Rocklands Site Management today confirmed that the crushing of the Native Copper will commence on 5th August.
The positive side of the selling and deliberate pushing of our stock down is the opportunity for shareholders to take advantage of the opportunity.
I just ask shareholders to be patient our day will come.
Yours faithfully
Wayne McCrae
Chairman
Unit 34, Brickworks Annex,19 Brolga Avenue, SOUTHPORT 4215
Phone: +617 5503 1955 Facsimile: +617 5503 0288
Email: [email protected]