CDU has now become an Australian Corporate embarrassment. The Company is being run by a Chinese Board with a lame Aussie Chairman. The auditors have a lot to answer for as well. This is just disgraceful. Sinosteel took control of the management of CDU by convincing the other Chinese they had the skills to run an Australian Copper Mine. They put a junior Steel Salesman Jiang Goongyang as the COO (Chief Operating Officer) He is the number one person on site who calls all the shots. ALL THE SHOTS. The mine is a total disgrace and looks like a bomb site. The main contractor has run off site and handed it back to the company they just did a merger with. The company accounts seem to be in such a mess no one knows who owes what to who. Because the Company does not disclose any details shareholders are in the dark all the time.
Mitsui stump up$20m Who the hell is going to believe that.?? Facts: the Offtake agreement for the concentrates and the native copper are with China Oceanwide Resources. They are up to their neck in lending $$ to CDU and are at the max for shareholding at 19.9% so cant offer a life raft. Mitsui would not give $1.00 to CDU if not 100% guaranteed by Oceanwide. Not a hope in hell. You cannot enter into an offtake with Mitsui unless there is a deal between OW and Mitsui. Period. If you believe anything else your a fool.
The auditors should also resign as they have watched and allowed this shimozzle to continue knowing full well CDU couldnt settle their debts. How can a company stay afloat with no earnings for 2 years of production and over $120m in debt. SINOSTEEL ARE NOW WITH THEIR HEAD IN A VICE. SINOSTEEL EITHER MAKE A BID OR RETURN TO CHINA TO THE RIFLE RANGE.ONE WAY TRIP, The face lost by Beijing would command to be blind folded nd wait for the bus. WHERE IS THE REGULATOR AND WHERE IS THE BOARD AND THE LAME CHAIRMAN OVERSEEING THIS MESS. NO ONE IN THIS COMPANY HAS ANY IDEA WHAT THE HELL IS GOING ON.
I said in August in my post SINOSTEEL HAS NO OPTION NOW BUT TO BID and privatise. Its either that or Human Dim Sums on the menu/ DYOI.
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