Pulled the following Far East Capital report out from my dusty...

Pulled the following Far East Capital report out from my dusty bottom draw. Warwick expressed a high degree of optimism & excitement about CMR back in 2004 and believed they stacked up very well from an investment & viability point of view even when utilising a copper price of US$1.10/lb within his earnings/profit margin estimates. Amazing that the current CU price is actually approx 26%higher than that incorporated in Warwick's scenario modelling but CMR is struggling to B/E. Is this a case of poor cost management? Can someone with a better handle on production costs vs revenue yields from the current CMR production facility shed some light on this?

http://www.compassnl.com.au/news_room/_brokers/Far_East_Capital_5_Nov_2004.pdf