Shares in Wayne McCrae's CuDeco Ltd
(ASX:CDU) have halved in value, after the copper mining hopeful delivered a disappointing report on its holdings.
Mr McCrae, who chairs CuDeco, had been staunchly upbeat about the company’s Rocklands project in Queensland, and flamboyantly criticised analysts who questioned the prospects of the mine.
McCrae said previously that the copper deposit was more than 100 million tonnes with 2 per cent copper.
But the company announced yesterday that its updated resource estimate for the project, near Cloncurry, was only around 30 million tonnes at a grade of 1.24 per cent copper equivalent.
CuDeco shares were battered after the update, plunging nearly 50 per cent to close at $2.45.
Looking at Cudeco’s net profit after tax results, the company fell back into the red in 2009.
