PATIENCE TESTED AT CUDECO

Written on the 12 July 2010

PATIENCE TESTED AT CUDECO

DESPITE a falling share price following news that listed copper miner Cudeco has stalled its resource update on its Rocklands project, chairman Wayne McCrae is confident the proof will be in the pudding.

Giddy shareholders sent shares spiralling 14 per cent yesterday to $4.15 before recovering at noon today to $4.50.

McCrae apologised to investors for the delay, due to  an announced underestimation of cobalt grades at the copper deposit. But he always belived the update was premature.

“I think when the upgraded resource is completed, there’s a possible likelihood that the company will come into play. This is just a personal feeling, nothing else, however, I would have preferred to have completed at least another 12-18 months of drilling before requesting our consultants complete an update resource," he says.

“There is so much more to be drilled and proven up and upgrading on areas and zones already identified as new targets. I personally cannot see the reasoning for bringing out a new updated resource until we had at least drilled out some of these new targets and done some deeper drilling on the zones of mineralisation we had already discovered.

“We set out after the publication of our last resource in 2006 to increase the category of the resource and upgrade the category from inferred to measured and indicated. That is the 30mt already announced to the market."

McRae says CuDeco’s new complex in Cloncurry is ahead of time, under budget and should be ready for use in the coming weeks, pending a mining permit from the Department of Natural Resources, Mines and Energy Minister Stephen Robertson.

Don’t miss an exclusive interview with Wayne McCrae in this month's issue of Gold Coast Business News – out now in more than 450 greater Gold Coast newsagencies.


Latest News

FURNITURE RENTAL GROUP TO PAY $100,000 TO VULNERABLE REGIONAL CUSTOMERS

WHITE goods and furniture rental company, The Rental Guys, will refund regional customers $100,000 after the Austr...

MYER SHARES TUMBLE AS PROFITS HIT HARD BY RETAIL FAILURES

MYER'S (ASX: MYR) full year profit will be largely wiped out because of weak trading conditions and the strugg...

BELLAMY'S SHARES TANK AFTER TRADING HALT IS LIFTED

SHARES in infant formula maker Bellamy's Australia (ASX: BAL) plummeted 11 per cent in early trade on Thursday...

HOW A FORMER BEAUTY THERAPIST SCORED AN INVESTMENT FROM SHARK TANK'S STEVE BAXTER

WHILE most teenagers are busy getting through their homework and social media, Jade Castle was already running a b...

Related News

FURNITURE RENTAL GROUP TO PAY $100,000 TO VULNERABLE REGIONAL CUSTOMERS

WHITE goods and furniture rental company, The Rental Guys, will refund regional customers $100,000 after the Austr...

MYER SHARES TUMBLE AS PROFITS HIT HARD BY RETAIL FAILURES

MYER'S (ASX: MYR) full year profit will be largely wiped out because of weak trading conditions and the strugg...

BELLAMY'S SHARES TANK AFTER TRADING HALT IS LIFTED

SHARES in infant formula maker Bellamy's Australia (ASX: BAL) plummeted 11 per cent in early trade on Thursday...

HOW A FORMER BEAUTY THERAPIST SCORED AN INVESTMENT FROM SHARK TANK'S STEVE BAXTER

WHILE most teenagers are busy getting through their homework and social media, Jade Castle was already running a b...

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