magnetite

Now only 111 days to commissioning of the crushing plant.

The price of iron ore has retreated to under $90 a tonne and this has dropped the shares prices of iron ore miners particularly those with iron ore as the sole product.

A few weeks ago, I commented on the falling iron ore price and said CDU would be affected but thar CDU was better placed with copper, cobalt , gold being the main contributors to profit rather than magnetite.

I also said at the time that there are massive deposits of iron ore and coal worldwide whereas copper is a different kettle of fish with shortfall being made up from scrap and that CDU will be in the fortunate position of being a low cost producer with open cuts and ore from surface.

Let us hope things improve for both the iron ore and coal companies as the royalties not being generated will have quite an effect on Australia's economy.

It will be extremely difficult for startup coal and iron ore companies to find buyers to dispose of their products profitably . Some may have to defer commencements until conditions improve anf finance is more readily available.

Copper, which will be CDU'S main product, is holding up ok at over $7,500 a tonne and CDU'S low cost base should see us through .
=================================I believe there will be some very embarrassed journos and others and very happy shareholders when the first production starts and that's another day closer.