In The Australian: Shooting star on the golden horizonWritten by...

In The Australian: Shooting star on the golden horizon

Written by Tim Boreham (Cudeco mentioned near the bottom)

This is the last part of the article:

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Chinalco Yunnan Copper (CYU) 19.5c

WHY is the world's second-biggest alumina producer and China's third-biggest copper producer involved in a local explorer with a $33 million market cap?

The answer is that Chinalco and its associate Yunnan Copper could still learn a thing or two about exploration and are happy to take a passive role despite controlling the board.

CYU chief Jason Beckton describes Elaine as the "best discovery for 15 years" in the area, which is bound to invoke visible steam from the ears of CuDeco's Wayne McCrae down the road.

CYU has a busy exploration schedule on the boil with properties in Laos, Chile and locally.

The Elaine discovery, near Cloncurry in Queensland, is touted as a potentially major copper-gold discovery, with a useful smattering of uranium, thorium and rare earths. In Chile, it's farming into three Rio Tinto copper prospects, while its northern Laotian tenements offer "drill ready" copper-silver ground. CYU has $9m in the bank and it's spending $6.2m across the three jurisdictions. Beckton says management isn't touting for funds, but if the coffers do get completed we hear the Chinese aren't short of a yuan.

CYU is a spec buy, if only for its ability to gain support from players in the big sandpit.

Speaking of CuDeco (CDU, $3.18), the controversial developer of the Rocklands mine yesterday placed 15 per cent of its stock to Hong Kong Resource Fund at $3.60, a handy 13 per cent premium to Wednesday's close.

A reader suggests there should be more interest in CuDeco's nearby polymetallic Wilgar find.

We've been sceptical about Cudeco but relent with a speculative buy call.

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And the blatant question here is What about the copper???? I guess a 10yr mine which could possibly stretch out a few more decades fails to qualify......

Too contentious to mention the now proven copper resource but hey it's a spec buy anyway.


mm