Taking a step back and keeping it simple, the key issue here is we have 3 foreign entities standing over and waiting to carve up a SIGNIFICANT Ozzie mineral field encompassing the Rum Jungle Uranium Field and new plant in situ, at cents in the dollar cf what was RECENTLY spent to take it here, with Ozzie shareholders seemingly unable by current Ozzie law to get a look in?
And lets not forget ALL THE OTHER ASSETS now thrown into the mix for which the foreign JV partners had no say in ... until now.
This has got to be a HOT political issue at FEDERAL level as well now ...... FEDERAL approval had to be sought from Canberra when RJUF - U was in development focus ... before present JV decided to place it on backburner.
The Rum Jungle Uranium Field has GOT TO BE of NATIONAL IMPORTANCE as well as should the MAJOR base metal province within which it lies and for which GT publicay cited a 12 buck a share fair value estimate for CMR at some Canadian minerals conference in 2006 (?) ........ with so many other independent analysts like Huntleys and Alf Field adding support to the wealth creation potential ........ remember Alf's "Free call option on Uranium" note ... what uranium is being mentioned now? ... from 15 mill lbs Mt Fitch starter we sliced back to 2 without detailed explanation why and all the major athabascan style high grade targets now totally forgotten ?
And now we have 3 foreign entities looking to negotiate with Ozzie adminstrators how to carve up this major Ozzie resource based apparent failuire of the "overburden" increment, WITHOUT Ozzie shareholders being given a chance to keep it Ozzie ?
Where are u ASX ? ASIC? ACCC? ...... Federal Minister for Resources and his shadow, Northern Territory Minister for Resources and his shadow ?
Where are our lawmakers now when needed to prevent LOSS of a major Ozzie resources asset to 3 foreign entities WITHOUT Ozzie shareholders being allowed to have a say ???
Come on media ..... u can have a field day with this and embarrass our POLITICIANS into some kinda action to PREVENT LOSS of ownership of this MAJOR OZZIE RESOURCE from future Ozzie generations cos of legal technicality in pecking order in adminstration? Where is the PROTECTION for Ozzies here ???
These are unprecedented times and archaic laws are obviously deficient to cope with the broader issues here ........ how cheap do we sell the farm just cos of a cyclic downturn in metal prices .... hey anyone watching the AUD rate lately ? What was opurpose of our "FUTURE FUND" if not for such cases in PRESERVING OZZIE ASSETS FOR OZZIE GENERATIONS. Anyone with access to such should approach them. We need to act FAST to pre-empt and prevent cos other wise it will be harder !
What are our major ozzie shareholders doing or thinking ?
CMR market cap was sub 20 mill day before administration called ...... for a 200+ mill capex recently spent and prob about 20 billion bucks IGV looking and just beyond current once in a lifetime megabear C asset deflation crunch wave, which should have a use-by date 2009 ! What "value" is used on all the non-overburden (oxides) stuff ??? What fair value will the administrators use? That indicated by the "independent" valuers or that by Huntleys, Alf Field, GT himslf and so many others ???
In crisis is opportunity ... aint that the Chinese proverb ? Well first class example in play here bros ... right uunder the noses of our FEDs !
U better do something to protect our Ozzie assets Mr Rudd or u might even end up being remembered a manchurian candidate by future Ozzie generations.
Food for thought and ammo for action to stir imaginations and maybe pro-action. What benefits Oz benefits Ozzie shareholders and vice versa .... thats whats at stake here. And whatever scheme of arrangement is entered into with the 3 foreign entities, same ranking should apply to the Ozzie shareholders.
IMO an effective Ozzie negotiator would first negotiate down the foreigners debt at more realistic market value in line with the times, say 10 - 20 cesnts in the dollar, and then prorata to ALL SHAREHOLDERS inc the C-note holders (who are first equitised at renegotiated reduced debt), equal priority of recapitalising it, so Company, assets and future remain intact !
I think this situation needs to be brought to Ozzie public's attention. Or we will likely silently slip into nothingness and wonder whatever happened and never know WHY !
Personal Opinion.
Opinions ... ideas ....suggestions ?
IMBOOC
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
