Cudeco have a measured resource in line with the EIS that ensures they will mine 3 million tonnes of ore PA over 10 years. They've done everything in preparation for mining apart from build the plant and be granted mining approval. Measuring the high grade from Native copper is an issue in a measured resource granted (we all know that now!), but its no problem from the extensive metallurgical tests and historical mining at double oxide (average grade was 44% cu but if they did a jorc in those days it'd probably be 1.24% cu eq too)?? Same old story here, you either believe or you don't. Haven't seen any major holders sell out and a converstaion I had earlier today suggested they'd picked up what was dumped in haste yesterday. After releasing a resource of 245mt @0.42% Cu Eq. Measured and indicated 151.10mt @ 0.47% we fell about 55% from $4.79. so does this mean people had that priced in, and expected a resource of 490mt @ 0.82%, measured and indicated 302mt @ 0.94% to even get the share price up to around $7.00??? I mean we are still much closer to mining than any other explorer out here and will be targeting a higher grade zone identified in the jorc as 12mt @ 2.05% cu eq over the first 4 years. In my opinion it will be a higher grade thats recovered and I'll wait to find out. Good luck with rex, lets hope your measured number (without native coppper of course) and all other steps to mining are exceptional. The market suggests it will need to be.
CDU Price at posting:
$2.32 Sentiment: Buy Disclosure: Held
