To all those with an interest in the survival of Compass Resources NL, a “Major Project of National Significance”. --------------------------------------------------------- I just emailed the following to: [email protected]
If you dont know where to start or just cant find the words feel free to use it as a template, but do change it enough to make it your own before sending.
Just Do It... ======================================================== ATTENTION:
Kon Vatskalis Member for Casuarina/NT Minister for Primary Industry, Fisheries and Resources.
I draw your attention to the current plight of one of our most promising Resources companies. A company given Major Project Facilitation (MPF) status by the Australian Government in July 2006 and declared a “Major Project of National Significance”. It is a company with which you would be very familiar. Compass Resources NL.
As you would know the company was recently placed into voluntary administration, on the same morning of a company EGM which the company had given assurances was intended for a capital raising.
I am a long standing shareholder and investor of this company as are many of my friends and colleagues. We all proudly invested our hard earned cash, and were guided by the promising company announcements regarding project progress and scheduled production dates.
And so we are now very dismayed at this current situation. The project has tripled in cost from $70 (Million) to $210 (Million) and while the initial Oxide plant is almost complete it is not yet at full production. And there is no reasonable explanation of why it cost so much and why we are two years behind schedule.
The administrator is holding a creditors meeting on 10 February 2009 at the Holiday Inn, 122 The Esplanade, Darwin.
We fear that this will provide an opportunity for foreign interests to move in and take this wonderful resource, this “Major Project of National Significance” from us for mere cents in the dollar. Or similarly to demand liquidation thereby destroying our investment in it thus far and destroying any chance this project has to reach its full potential, and to capitalise on the progress made thus far.
And as such we want to protect it. We want to retain ownership of our own soil and the valuable resources it contains and not sell it cheaply to foreign interests. We want to protect our massive investment in this project and the jobs it will provide for Australian workers, service suppliers and local communities for many years to come.
But we need help to get through this current low point.
As the State Minister that warmly welcomed the arrival of Compass to Darwin on 28 August 2006, and was at East Arm Port on 29 October 2008 as the first 69 tonnes of copper produced at the mine was unloaded, stating "Mining and exploration are key drivers behind the Northern Territory's economic growth," we ask you to follow through with that sentiment and help us now.
We seek to reach an agreement that will be in the best interests of Compass Resources, Creditors, Shareholders and Employees alike, and in the best interests of Australians both present and future. With the appropriate measures in place and a desire to achieve this outcome I believe this arrangement is possible, and all will benefit when the economic tide turns, and demand increases.
We need a voice at the creditors meeting to be held on 10th February to express the above and to protect our interests and our significant investment in this “Major Project of National Significance”.
Please advise by return email if you will assist us in this endeavour.
Yours Sincerely,
Name withheld on HC =========================================================
Never, Never, Never Give Up...
CMR Price at posting:
15.0¢ Sentiment: Hold Disclosure: Held
