Starwoman Have just logged on to H/C.Herewith my piece to Bromby...

Starwoman Have just logged on to H/C.
Herewith my piece to Bromby and his article yesterday

ANOTHER CHUNK OF AUSTRALIA TO BE LOST

About an hour south of Darwin just off the highway lies a world class ore body.

A project that was deemed so important to Australia that the Government awarded it “Major Project of National Significance Facilitation”status in July 2006.

It’s ownership is about to be lost to 3 foreign entities including the present company Chairman. Existing Australian ownership is to be lost without compensation.

The Rum Jungle Uranium field and it’s adjacent Browns mineral treasure trove has an estimated in ground value of around $20 Billion.
The company involved is Compass Resources.
The first stage of the mine has been built and is currently producing in a limited way.
It has cost its shareholders $210 million. As it presently stands they will never see that investment again.

Due to the present low prices of metals and questionable management the company has fallen into the hands of Voluntary Administration for lack of capital.
An Emergency General Meeting was held on 29th January to vote on a capital raising.

On the morning of the meeting however the Board called in Voluntary Administration and surrendered control. The shareholders were (and are) dismayed that in one fell swoop their investments were/are seemingly worthless !

Ferrier Hodgson have called a creditors meeting in Darwin next Tuesday 10th February 2009.
During this meeting it is likely one or more of the foreign entities will offer a Deed of Arrangement whereby cents in the dollar will be offered to outstanding creditors (not shareholders) in return for ownership of the company.
Under present archaic laws in Australia this is allowable.

Thus Australia will lose ownership and control of a huge smorgasboard resource of copper, cobalt, zinc, nickel, uranium and probably the largest deposit of lead in the world – all for nothing ! So much for the esteemed status by the Government.

Only governments can save it and this loss MUST NOT be allowed to happen.

So far there has been little or no publicity and the public remain largely ignorant of the matter.
It is therefore essential that appropriate politicians urgently defend the Australian public ownership against this type of foreign take over by stealth of Australian soil and riches – using financial assistance if found necessary.


PS Am having trouble pasting Bromby's article in the Australian yesterday. For some reason it wont paste.
If anyone can advise me I will have another go.
Bromby was very much on our side and direct.
Westmoon