URL effectively got into bed with Xstrata to stop the CUO take...

URL effectively got into bed with Xstrata to stop the CUO take eover - by doing so - Xstrata were happy about this since it gave them the option to buy up 51% of Roseby and get access to the SEEP etc. Also, it gave Xstrata until 2012 to actually do something. This has worked in Xstrata's favour since they are most interested in Roseby but not willing to spend up much as we have seen with the pathetic progress to date with SEEP drilling. So there you have it - a win win scenario - Xstrata can sit on their hands until 2012 and have potential control over Roseby and URL management can continue to take huge pay packets (thank gooness they have taken some pay cuts) and do nothing - and simply blame it on Xstrata.

I want to see Xstrata get serious and drill up at least 50 more SEEP drill holes and firm up the dam resource - and get on with things. Also, I would love to see URL stick it to Xstrata and tell them to get on with it or face the potential of having the 2012 contract pulled. Unfortunately, I imagine Xstrata have stiched up URL with a water tight contract which they are not going to get out of. This dam contract was signed in 2006 - this locked us into Xstrata for 6 years at that time! Pathetic URL leadership in that regard.