Charters Towers is 100m above sea level and sits on a drainage divide, so the chance of it flooding is remote. The Macrossan Bridge over the Burdekin River (30km east of town)goes under several times a year - water was 5m over the bridge deck on 2nd Feb, and the deck is 19m above the river bed. Given that the river is about 300m wide at the bridge, that's some serious water! According to staff at the mine site, the water is not causing any major problems (the bridge re-opens within about 2-3 days)and they have stockpiled critical consumables at the start of the Wet Season. Local rain causes minor problems with creek crossing and culverts flooding for 2-3 hours at a time. The price is still well below the asset backing - 736 million shares on issue (excl options)(Dec Quarterly) with audited assets of $200M (Annual report)gives an asset backing of 27 cents/share.
CTO Price at posting:
23.0¢ Sentiment: Buy Disclosure: Held
