SNAPSHOT OF A GOLD COAST COMPANY: CuDeco Limited (CDU)

Written on the 30 November -1

QUICK FACTS

Chairman/Director


Wayne McCrae

Directors:
Timothy Koitka
Peter Hutchison

Listing Date:
2 August 1971

Head Office:

Southport

The Business

A mining and mining investments company, CuDeco specialises in production of high-quality, high-purity copper sulphate pentahydrate. Its production facility is near the regional township of Cloncurry, in north-west Queensland, and currently mines the high-grade copper oxide deposit Mt Norma.

Mr McCrae and his son Cameron control about 15 per cent of the company between them. In July 2006, shareholders approved a name change from Australian Mining Investments Ltd to CuDeco Ltd. The company purchased EPM 13049, which incorporates Rocklands, Double Oxide and Las Minerale in 2005, to explore known prospects for copper oxide ore. The copper ore was destined as feedstock for the company's Mt Norma Copper Sulphate production facility. Following extensive drilling and exploration, more than 14km length of zones of possible mineralisation have been located. The company announced on September 15 the results of a Geophysical Survey that increases target strike trend from 1200m to 3600m for Las Minerale, four times the length identified in the original resource announcement for Las Minerale.

Key Financial Statistics

Shares in CuDeco reached $7.35 in June 2006 and are currently around $3.85. Described as "one of the most controversial options handouts of the year", CuDeco shareholders recently agreed their directors should receive 10 million options in the company, at less than 10 per cent of the present share price. Chairman Wayne McCrae will receive seven million options, while Timothy Koitka will get two million and Peter Hutchison one million.

Mr Koitka and Mr Hutchison both received 11 million more votes than Mr McCrae, who could not vote the 11 million shares he controls on the resolution to award him options. The 50c options expire in June 2008. They were first mooted by Wayne McCrae when the company's share price was 31c.

CuDeco shares then soared from $1.78 to about $10 in hours after the company announced it had struck a find of 59 million tonnes of copper at the Las Minerale prospect, near Cloncurry, in Queensland.


Latest News

GROUPTOGETHER A GIFT FOR TIME-POOR PARENTS

JULIE Tylman and Ali Linz have taken the stress out of gift giving by creating GroupTogether, an online platform whic...

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...

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