CUDECO'S SHOT IN THE ARM AS INVESTOR SIGNS TERM SHEET

Written on the 22 June 2016

CUDECO'S SHOT IN THE ARM AS INVESTOR SIGNS TERM SHEET

CUDECO'S (ASX:CDU) Rocklands project has been given a shot in the arm by one of its major shareholders, after inking a deal for the offtake of all native copper.

The term sheet between the Gold Coast-based miner and China Oceanwide International Investment Co has a payable value of no less than 96.5 per cent of contained copper at Cloncurry.

CuDeco managing director Dianmin Chen says the agreement will provide financial security for the company's flagship project.

"It is another key undertaking as we further progress the delivery of cash flow from Rocklands for the benefit of all shareholders," Chen says.

"After barely a month as managing director, I am pleased to see the commitment to successful plant commissioning by all those involved with Rocklands.

"This has been backed by the implementation of a new, performance-driven culture as we transition from development to production."

The mine's crushing circuit is now fully commissioned, with the exception of a water pipe that failed during wet commissioning tests. The pipe is expected to be ready for pressurisation this week.

The ore feed process is ready to enter the ball mill, which is 40 per cent charged with load tests to increase to 100 per cent.

CuDeco expects the first sulphide copper concentrate to be produced next month, and the first shipment of copper concentrate in September or October.

"I am excited about the company entering into the production stage at Rocklands and we will provide more updates for the market as we ramp up the processing rates," Chen says.

"This is a key period in CuDeco's corporate history as we deliver on the potential of our project to generate increased shareholder value and benefits for all stakeholders."

The formal documentation for the offtake agreement is expected to be finalised later this month.

Related CuDeco news:

 


Latest News

VITA GROUP POSTS STEADY RESULTS DESPITE ROUGH YEAR

IT'S no secret Vita Group (ASX: VTG) has had a testing year, however the company has still managed to deliver ...

KOGAN BREAKS FORECASTS IN ITS FIRST YEAR OF PUBLICLY LISTED TRADE

RAISING the bar high in its first year as a publicly listed company, Kogan.com (ASX: KGN) has smashed its forecast...

CAMPLIFY MOTORS INTO THE UK MARKET

CARAVAN hire and RV sharing community Camplify has made its move in the European market, establishing its first op...

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter