Just a couple of inconsistencies in what WM seems to have said to the paper. For example...
" but we have got nowhere to put any more material"
OK nowhere to put any more material, so why are one shift being kept on? Nothing but waste removal? I suppose that's possible, for a while anyway, but still don't understand why they don't put the lowest grade ore on the waste pile in a corner, because it could be waste if the copper price goes much lower.
"Mr McCrae blamed building contractors for the issue because they were running six months behind the construction schedule for the plant’s processing facility."
Interesting, as the last official date given was before the end of calendar 2014, back in September of last year. The closest to 6 months after that date was in June, but the plant is clearly still not complete. So was there some other date that he never informed shareholders about?
"Mr McCrae said construction work was continuing through principal contractor Sinosteel and electrical contractor Walz Electrical"
Are Sinosteel the builders he is referring to about being 6 months late? How is that possible as the company stated it would take 5 months to install the electricals and sinosteel didn't get the job until late Nov/early Dec? Which means if they are running 6 months late, then we are talking possibly November before commissioning can START!!
"While not expected to begin production until later this year, the mine has started initial shipments of copper ore through the Port of Townsville to customers in China."
Are we talking the one-off last year? Or have Cudeco really started to move NCu but just not tell shareholders? I favor the first option, which is a little misleading in how it reads. It sounds like there are shipments as in plural or more than one, yet to my knowledge there has only been the one shipment of the 170t of NCu last year.
Surely if they were shipping more ore than just that one lot out of Townsville they would be shouting it from the rooftops!!
How does that statement read to shareholders?
CDU Price at posting:
$1.70 Sentiment: Sell Disclosure: Not Held
