CDU 0.00% 23.5¢ cudeco limited

Buddy134, Yes the economy is in a mess. I have said on a number...

  1. roh
    4,061 Posts.
    Yes the economy is in a mess. I have said on a number of occasions that this year will be a shocker. The mining sector has not been spared with mine closures leading to a higher unemployment figure. Risk capital for new mining ventures is extremely difficult to come by. The effect it is having on the job prospects for geologists is serious.
    I was reading the other day where a successful lady geologist with twenty five years work experience has been out of work for one year and is looking to either return to the university or seek a career in another industry. Those just graduating can find no work as geologists after years of study. There is the occasional opportunity for geologists to work overseas but not many.
    The situation is bad in the mining services sector as well. To survive staff are being shed or put on shorter hours. I have heard of one engineer who lost her job . A week earlier ,she had bought a house and was very concerned about mortgage repayments. It is a sad situation all round.
    For investors in the mining industry, there is pain also. Because of the inability of the mining industry to raise risk capital and ,in particular the junior explorers , many are in survival mode with nothing happening and their share prices suffering. I see no evidence that this situation is going to turn around in the near term.
    CuDeco has survived and is close to completing its process plant. We know that the Chinese are keen for further supply and that the shipment to Glencore's Ernest Henry was a success.
    It should not be lost sight of that it was Glencore which approached CuDeco for ore for Ernest Henry and they want more. CuDeco could have a ready source of income from that source if it was in the best interest of CuDeco.
    If money was so desperately needed, ore could simply be shipped up the road to Ernest Henry.
    The various actions that are in play will work their way through the system and in due course we will be informed of results of the loan, listing on the Hong Kong Stock Exchange , completion of the processing plant, sales and mining progress.
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