Projected commissioning of the crushing plant--56 days
flinders,
Rocklands is what some seek to find but never do. It is a long term investment for those who want to receive the rewards in their lifetime and give an inheritance to their children/grandchildren.
This is what differentiates Rocklands from most other mining sites. It will not be mined out in a few years on what has been discovered so far . The permanent infrastructure,housing,port and rail would not have been justified for a short term project of a limited mine life.
Wayne McCrae has done a remarkable job in bringing a two bit company to a top 200 ASX listed company. Rocklands has been the key. The knowledge of what he and the late Tim Koitka had witnessed twenty years earlier on their first visit [ when they endeavoured unsuccessfully to acquire an interest ] was indeed fortuitous for shareholders.
Nothing has deterred Wayne McCrae from his determination to make Rocklands a success and he has had to battle on many fronts to get there what with the shorting, autobots, churning,bad press [ apart from the late Kevin Andrusiak ],and the remorseless sniping from the nay sayers on this forum which he would have noted.
It is all very well to have a great find but, unless you have the capacity to raise the finance on acceptable terms to complete the job,you are placed in a situation of severe dilution, joint venturing or being taken over cheaply.
It speaks highly of Wayne McCrae's negotiating skills that he has successfuly raised money for the Rocklands project in the most difficult of times since the great depression and at premiums to the share price whilst limiting shares on issue.
Wayne was much decried on this forum for the establishment of the China office. It was a most unusual step for an explorer to take but fully justified with now three major Chinese companies as share partners in Rocklands.
He was also decried for implementing buybacks when CDU was a non producer. The controversial buybacks became a great success. Shares were bought back at lower prices and reissued at higher prices, brilliant.
The Townsville Port facility was a well thought out strategy of getting the Rocklands products to the world and the joint venture Cloncurry rail facility was initiated by Wayne.
Wayne has made CDU such that it is not reliant on outside sources of getting CDU'S products to market
When others were fearful of the GFC, Wayne seized on the opportunity to buy, at bedrock prices, the mining equipment now being used at Rocklands.
Wayne has stated he is not one for the establishment and that has made life for CDU harder at times.
It is understandable that he would see it this way in the light of his experience with the media and broking fraternity.
His is a hands on approach--no fancy Sydney office, no fraternising over long lunches--rather putting up with the heat,dust and isolation for long periods in far away Cloncurry.
Which would one rather have ? Wayne hobnobbibg in Sydney or slogging it away in Cloncurry.
I think the majority on this forum would appreciate the fact he has made Cloncurry his second home.
When the mine is in production,Wayne will have achieved what many thought impossible. This is the goal he has been working towards and he should be very proud .
Not one of us is without fault. The only criticism I have of Wayne is in relationship to the media who have been sceptical of him { with one exception ] from the Sydney mining company experience onwards.
Wayne has not cultivated a working relationship with the media rather letting the results do the talking. His raising of funds overseas rather than giving the local broking fraternity a slice of the pie has not endeared him to them.
When rocklands starts producing the goods ,the media will have to come to the realisation that Rocklands is a great success story engineered by Wayne. Similiarly the broking will have to take notice.
I can't see him ever wanting to become part of the establishment. ------------------------------------I believe there will be some very embarrassed journos and others and very happy shareholders when the first production starts and that's another day closer.
CDU Price at posting:
$4.29 Sentiment: Buy Disclosure: Held
