grasping at straws says cuo

Falling copper price hits Universal Resources
Jamie Freed
March 17, 2007 The Age

Universal managing director Michael Hulmes said his company would examine building a smaller project based on its higher-grade resources. He said Universal might be able to open its mine by late 2008.

But Brian Rear, the managing director of CopperCo, which made an unsuccessful bid for Universal two years ago and maintains a 9 per cent stake, said Universal was "grasping at straws". CopperCo had a smaller market value than Universal at the time of its scrip bid, but has since grown to become six times the size of its rival.