This is obviously a very emotional stock for many long term holders, they only ever see the good and never the bad/poor. Despite years worth of investing/trading, I still love the story, so do get caught up. I was lucky with this one, as I was caught up, until a few things stopped falling into place. The non sales of DSO by Feb/March being a biggy.
Faith evaporated when the specially selected ore-sorter became a test ore-sorter. I was already having doubts from not having phone calls or emails returned.
My best wins have always come from stocks that I just traded according to the charts and added as they rose, then sold when I had deemed it enough. On a couple of occassions my selling started the fall and proved to be the top of the move, especially when the stocks are more thinly traded.
Here at CDU, I was very impressed with the resource I saw last year, just as those who went on the mine tour this time would be, with a wall of NCu 15 metres high looking at you, as I've seen reported. But does it go for 900 metres long as the same person stated? I just don't know.
I also believe there is a lot more copper to be found, so the existing JORC with the very low grade after the initial few years mining, could be significantly under-rated. But it's an unknown and there has been virtually no releases on any drilling finds in the last year (which is what WM said would happen last year, concentrate on building the plant and DSO sales).
The problem is money, or should I say lack of it, until they get regular DSO shipments happening.
The latest announcement regarding electricals was this from the September quarterly, released on 29/10, and not mentioned in the post quarter highlights......
"Electrical Installation not yet awarded, tenders currently being evaluated. Electrical cable supply yet to be awarded Cable support tender yet to be awarded E-House (ie Switchrooms) currently being fabricated in China. Expected mid-December 2014."
The information back from Cloncurry tends to indicate the quotes were in the $24-30m range, and management were looking at all their options, which means to me they haven't started on the electricals yet!!
Are they going to run a long extension lead from one of the generators to the new ore-sorter? how will that go down with OH&S rules?
I started this thread about what's the deal, to hopefully get the real information about what is happening. This is a public company, and the quieter and more hidden the information, the greater the DOWNWARD pressure on the Share Price.
The market hates uncertainty, and punishes companies SP that have great uncertainty around it. If they need to raise more funds to finish the plant quickly, then get on with doing it, instead of pretending there is no problem. The longer they wait the worse it gets for existing share holders with greater dilution because of lower prices with any cap raisings/placements.
SFR by going the high debt route have managed to keep the share register to 155m shares, they currently have a net debt of ~$63m $150m debt less $87m cash and deposits, about the same debt as CDU. Their resource of 588,000t Cu and 764,000oz Au (March '14) is still looking very good against CDU's. Even using the entire 272m tonne at .19% Cu only gets you to 516,000t Cu.
So for those that went to Cloncurry, What's the deal? Why are you not even telling share holders that post here what was said wart's and all? Trying to hide things ALWAYS makes it worse in the market, so I just don't get it?
