CUDECO PULLS ANOTHER $39M FROM CHINESE

Written on the 20 March 2013

CUDECO PULLS ANOTHER $39M FROM CHINESE

Gold Coast-based copper explorer CuDeco has boosted its bank balance by $39.25 million following a capital raising involving two key Chinese investors.

CuDeco, which is progressing plans to become a fully-fledged miner this year, has raised the funds in two separate deals struck at $3.45 a share.

Cornerstone investor China Oceanwide International Investments Co Ltd has picked up 5 million shares, taking its interest in CuDeco to 26.9 million shares.

The China state-owned Sinosteel Equipment and Engineering Co Ltd also has boosted its substantial holding in CuDeco by 6.37 million shares.

Sinosteel, which is CuDeco’s mineral processing componentry supplier, will hold 17.3 million shares in the company subject to the Foreign Investment Review Board approval of the latest sale.

CuDeco says the Sinosteel share issue will be included as payments that are due under the procurement agreement for the processing plant at CuDeco’s Rocklands copper project near Cloncurry.

The latest capital raising will lift CuDeco’s bank balance to about $112 million, with the company reporting cash in hand of $73.4 million at the end of December.

The funds will be applied to preliminary development works at Rocklands.

CuDeco chairman Wayne McCrae (pictured) is currently in China and is not available for further comment.

The latest capital raising comes on the heels of CuDeco abandoning a $30 million issue of shares last November to investors in Asia and North America.

At the time, Mr McCrae said the decision to withdraw was backed by adverse market conditions and the company’s healthy coffers.

CuDeco’s shares have now fallen below the latest share issue price, trading at $3.38 in late morning trade – down 13c from Tuesday’s close.


Latest News

SIRTEX CEO DISMISSED FOLLOWING SHARE TRADING PROBE

SIRTEX Medical Ltd (ASX: SRX) has sacked its chief executive officer, Gilman Wong (pictured), following an investigat...

SANTA DELIVERS KOGAN A GIFT

KOGAN.COM (ASX: KGN) has exceeded its expectations and reported another strong quarter of trade.

The online retail...

FOUR WAYS YOU SHOULD PROTECT YOUR IT SYSTEMS FROM EXTREME WEATHER

SHANNON Overs, co-founder of onPlatinum ICT, sees it too often, perhaps half a dozen times per year businesses tha...

IOT GROUP ORDERS FIRST PRODUCTION OF ROVA DRONE

IOT Group (ASX:IOT) has ordered production of 40,000 units of the ROVA flying selfie drone from Chinese technologies ...

Related News

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

FEMALE ENTREPRENEURS GET SPRINGBOARD TO GROWTH

DESPITE the fast-growing number of women studying STEM subjects at school and university, women continue to be und...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter