Yes there is 375kt of NCU ore on the ROM pad ! its included in the total 2.4mt of ore ready to go through the process plant - that is close to 1 years throughput and indeed it should be very profitable given the $$$ getting it to the ROM are now sunken costs as far as the upcoming rights issue is concerned .
What you need to get your head around is the total 10 years profit after tax
excluding loan repayments is
$112m - DYRO on how much Cudeco will owe to Minsheng , Sinosteel and sundry creditors which has to come out of that profit - ( yes some of the $$ will come from the rights issue )
Discalimer all in my opinon
Unless the copper price goes exponentially higher in the next couple of years - the Chinese investors and Minsheng Bank will be lucky to get their $$$ back- As far as the retail punters go they wont see a bean - using all the best case metrics inputs I cant value CDU above 20c the fact they have the rights issue underwritten at 80c is truly amazing - Chinese State owned Entities certainly move in mysterious ways
If it happens to trade anywhere near the 80c issue price on relisting I personally would consider it a get out of jail price to sell into as I thought zero cents was a real possibility after the ASIC intervention and Scorps group approach to the take over panel prior to that.
