hc is indeed a public forum bluec2, page-20

BT

That is pretty much my interpretation as to how things will unfold unless CMR can meet the cash calls some how.

The announcement on the Hong Kong exchange largely said similar - the JV agreement continues - main change is HNC now the operator instead of CMPL -

HNC can continue to make calls on CMR to meet their 50 50 committement to the oxides - and unless something happens to allow CMR to meet those calls - sooner or later the invoice will reach such a level HNC can send the debt collectors in - like when the sheriff comes in and takes whatever is needed to be sold and pay the debt off.

Maybe that means HNC get nada out of the oxides in the end but they get the sulphides all to themselves and since they have to fund it 100% themselves they may see that as fair - I'd probably do the same - they lived up to their end of the deal - its our idiots that let the team down

But it could mean we get left with stuff all

So how do we dig ourselves out of this mess that our estemed leaders dropped us in?

As we know - interest on debt has been suspended and remains so for foreseeable future so we need to look at three key priorities which probably need to be worked on simulataneously - (all is suggested on the basis that the oxides and sulphides can be profitable and some due dilligence needs to be done there beffore advancing anything)

As I see it key issues/priorities are

1 Establish whther or not the projects will be able to turn an adequate profit at some point in future

2. Look for an arrangement whereby debt can be paid down over a period of time

3. Identify a way of raising funds to pay out a proportion of debt and then meet cash calls on the oxides project - whether that means shareholders tipping in or spinning out some of the assets to raise funds - I dont know

Setting aside legal definitions of creditors for a moment I see that we have two levels of creditors

1 those who provided goods or services including employees - that should be paid out ASAP - they don't deserve to be stuck in this time warp. It is a disgrace that they are stuck in this mess and if I had it my way they would be relieved before ANYONE ELSE including secured creditors (That is an area our law makers need to look serioulsy at) and first availbe funds or part thereof should go to them

2 We then have investor creditors - I dont care if they are secured or not - they and us put money in with the hope/expectation of gain. We took a punt if you will - it didnt work out. Well what can I say - pooh happens sometimes (lots more to that of course - questions of negigence/probity etc etc but they can be addressed later)

Unless motivated or driven by something else - some hidden agenda etc like some here suspect (me included) - if confronted with a choice of crystalising a loss or just getting ya capital back without a profit - most investors would be happy just to get their capital back - even if it meant it would take time

Provided the oxides/sulphides will be viable economically these broad aims should be achievable - the difficulty is finding a way to do it

Ok - I aint dotted all the i's and crossed all the t's - lots to work thru but does it make sense