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Finally the truth., page-13

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h00ts

46,748 Posts.

8860

04/01/18

09:21

Post #: 30029249
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Originally posted by SteveTheMet ↑

The Board is the same board. Apart from departure of Noel and Wayne... 3 major players who are tied heavily into the old guard are still there. So I have never blamed the "new board" at all, I have blamed THE Board.

A few questions that should be considered..

1. Who put the Chinese CEO in his position with voting preferences and shares?
2. Who's decisions have driven the company to being forced to appoint new Board members from overseas interests?
3. Which Board was questioned over the legality of decisions numerous times for property ownership and conflicts of interest? (Public record)
4. Which Board appointed a MD who drove the company to multiple deficits to interim then full Chairman?
5. Which Board still has significant ties to WM and his ideology?
6. Which Board flatly refuses to accept any liability or responsibility for the plants construction and/or design Instead blaming it consistently on previous management.
7. Which Board still has day to day interference in how the plant runs because they choose to employ family members or friends and unqualified people into positions of authority and micromanage every situation? (Well known fact)
8. Which Board has overseen the release of misleading (whether unintentional or not) information numerous times and is signed off on behalf of the Board by the person who oversaw the original information? (As per own media releases)
If, as you say, the Board is blameless,
9. who employed the GMs and other senior management and have authorised the spending of millions of investors dollars on high cost contractors to keep the belief that they only hire full time employees from cloncurry? ( As per public released financial statements)
10. Which Board has failed to release information pertinent to share prices such as feasibility studies that contradict statements made by... *shock horror* the board? (As noted many times even by not so newbie posters)

I am not a Board basher. I am VERY cognisant of the plight of Board members limitations and legal liabilities and even to what we are indemnified for, but if you bother to read newbie posts correctly, I have credited the failings to a wide variety of people at all levels of the CDU organisational structure.
11. Where does the buck stop? I suppose it's "uncle Wayno"? Or the good people who have had to quit to spare their careers from being tied to what eventually will be a stain. Or the operator's and staff who still remain because they are either unemployable elsewhere, for some reason like country living in Cloncurry or need to pay off home loans etc?

Edited previous post. Appologies!

** NB: Hoots - I believe that the project was viable, but not at the scale or rates or the cost of production. If they had reduced the throughput to a realistic volume to be cost efficient and put a proper timeframe for LOM on the resource, it would have been a nice little pocket change earner for the town.

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** NB: Hoots - I believe that the project was viable, but not at the scale or rates or the cost of production. If they had reduced the throughput to a realistic volume to be cost efficient and put a proper time frame for LOM on the resource, it would have been a nice little pocket change earner for the town."

It was spruiked as a world class copper project "the copper find of the decade " no less- it was in fact just a hobby farm - Exco were faced with a similar situation and chose the conservative low risk option to sell the approved project for $175m and return the funds to shareholders.

Fast forward to today and Altona ( AOH ) who have a similar resource to CDU and are being forced to fire sale it to the Canadians for much less than Exco got 10 years ago . What is the total spend on CDU to date isnt it something in the order of $700m ?

CDU Price at posting: 30.0¢ Sentiment: None Disclosure: Not Held
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