Any comment I make here about Cobar Consolidated is not to taken as advise, make your own decision!!!
This forum is to be used for academic debate and the Commonwealth Bank has failed Cobar Consolidated located at Cobar NSW.
CBA has withdrawn its Project finance Facility which presently stands at $10m and has requested Company to find alternative finance by 30th June 2014.
Also CBA is withdrawing its security Guarantee $5.5m for rehabilitation of site at copletion of mining.
Commonwealth bank last 12 mths had $11.15 billion in revenue and a $5.94 billion Profit.
CBA needs to remember your Billions were made from the people of Australia and you have a social responsability to the buisness/ people of Australia.
The company in response to your DEMAND has conducted a share placement to raise funds to pay repayment of loan.
CBA needs to refinance CCU over longer period of time and allow CCU to trade its way out of difficulty.
The ball mill has been relined the site is in cooler weather and mine is capable of producing 200,000 oz of Silver done per month. Let them trade their way out!!!
Let this be a warning a every buisness in Australia what can happen if you borrow from Australian bank.
CCU needs legal representation to examine curent situation.
Far Western NSW has long been in decline, Railways have closed and many services/ buisness have ceased to operate.
I was proud that this company started operations and gave it a go.
I recieve constant emails from alternate bank offering $600 free brokerage.
If I was to withdraw from CBA, you would lose a costommer thats family was foundation custommer of local branch.(1945)
CCU Price at posting:
5.8¢ Sentiment: Hold Disclosure: Held
