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shadowboxer1

2,755 Posts.

31/07/14

05:50

Post #: 13742185
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Originally posted by ozblue ↑

Last year, one of the reasons I bought into CDU and the rights issue was the imminent sales of DSO and how this was going to finish any problem with funding.

I was at the AGM where WM clearly stated to all, in answer to a question, that DSO sales were going to happen by Feb/March.
It didn't happen.
Neither has there been any explanation from the company why they didn't. We have been left with reading between the lines.
We are now 4-5 months past the given date for those DSO sales, yet the company yesterday told us in a round about fashion, that there is a new ore-sorter on the way, and the DSO stockpiles on the ROM pad are waiting for it.
There was no mention of the existing ore-sorter which was meant to be trial sorting higher grade ore, nor any mention of results from those trials. Does this mean it was a failure?.

I can not see how anyone that wasin the room at last year's AGM could be 'happy' with the progression of the much touted DSO sales. They simply don't look like happening anytime soon.
If the new ore-sorter takes a few months to be completed, shipped, go through customs, delivered, installed and then commissioned, quite a few months will go by. If the North gets a proper wet season this year, will they be able to use the new ore-sorter before April next year?
If so when will the money run out as we were relying on DSO money as well as the loan money for completion of the plant? My bet is another cap raise, not under-written. Let's hope they get the pricing correct.

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The good news Oz is its not on the Rom, its under 40mm which is the closed side setting of the crusher. Also there is 2 types of DSO, native copper that they want the ore sorter for to reduce transport cost and then direct crushing and shipping.

CDU Price at posting: $1.75 Sentiment: Buy Disclosure: Held
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