finance announced, page-14

Thats right Pezza87, privately owned, if fact China Oceanwide Holdings Group, who hold 30,338774 in CDU, are the largest shareholder in Minsheng bank with 5.56% ownership of the bank and were responsible for setting it up in the first place.

Good to have the right friends, isn't it ???

the news is spreading

"By: Esmarie Swanepoel
18th October 2013
Updated 2 hours 33 minutes ago

PERTH (miningweekly.com) – Copper miner CuDeco has secured a $100-million credit facility to complete development work at its flagship Rocklands project, in Queensland.

The offer for the credit facility was received from Minsheng Banking Corporation, China’s largest non-State-owned bank and a Fortune 500 company.

CuDeco chairperson Wayne McCrae said on Friday that negotiations with Minsheng had been ongoing for the past six months and involved a detailed due diligence process, including site visits and investigations by geological, metallurgical, engineering and analytical consultants.

Under the terms of the facility, Minsheng would provide a loan of up to $100-million, at an interest rate of 7% a year. The facility would be available for drawdown within 12 months of the final documentation and repayment would be made progressively between 18 months and 30 months from the date of first drawdown.

McCrae said that the facility provided CuDeco with access to sufficient capital to complete mine development at Rocklands and to provide sufficient working capital until the start of production.

The Rocklands project was expected to include a three-million-tonne-a-year processing plant, and would produce 480 000 t/y of copper/gold, pyrite/cobalt and magnetite concentrate.

Edited by: Creamer Media Reporter"

ALL Good

cj