Ann: Trading Halt, page-104

Sorry amigo, I think you have made a major under-estimation in your calculations and it gives a very misleading impression about CCZ. In particular, your calculation is as follows: "you have 100,000 tonnes of dumping grade 1.2% copper ......therefore the tonnes of concetrate are 770/22%=3,500 tonnes". But the stockpile is much more than that. If you recheck the announcement on the 25th October, it says on the first page that:

"Both groups will work towards delivering a binding off-take agreement enabling Noble Group to exclusively distribute up to 200,000t of copper concentrate from existing stockpile ore."

It then goes on to report details on its testing to give a grade for the concentrate of 22% copper. In other words, doesn't the announcement say that the stockpile will produce about 200,000 tonnes of 22% concentrate? That means the copper in this 200,000 tonnes of concentrate is about 40,000 tonnes (ie, 200,000 x .22 = 44,000 tonnes), not 770 tonnes as you have calculated. That is, the 5 stockpiles have about 3.5 million tonnes of dump grade ore at about 1% copper.

They also say on page 1 of the announcement:

"Noble Group will pay CCZ a A$500,000 pre-payment for working capital purposes."

I don't think a big international player would pay $0.5 million if the in-ground value of the stockpile was only about $3 to 4 million. I'm guessing the in-ground value for copper alone, is about $100 million plus. If I've made a blunder, please let me know.