CMR demise was imminent as quarterly was due a few days after VA and don't forget half yearly report to follow in Feb, no way could management keep the charade going beyond end of Jan, imagine how the quarterly and HY reports would have read.
The OZL takeover announcement by Swann should tell you don't expect any help from Feds but it will keep HNC on their toes!
I suspect Uranium in the orebody has something to do with decision, which equally applies to CMR if that is the case, resulting in maintaining local ownership of part of CMR assets and best left in the current entity.
Swan blocks Chinese takeover of OZ mine Jamie Freed March 27, 2009 - 4:46PM The Federal Treasurer, Wayne Swan, has prohibited China Minmetals from buying the Prominent Hill mine from OZ Minerals, in a move that is likely to scupper the Chinese company's $2.6 billion bid for the company.
Prominent Hill is OZ's most valuable asset, and Mr Swan's ruling that its location in the Woomera Prohibited Area in South Australia means it is too sensitive to be owned by a Chinese state-owned company is likely to leave the OZ board searching for alternative options to avoid administration.
OZ needs to repay or extend the deadline on $1.3 billion of debt due on Tuesday to avoid administration. Now, its options would appear to be rather limited, short of a last-minute offer from Barrick Gold, BHP Billiton or another mining company.
