Wayne McCrae Directors:
2 August 1971
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.
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