The Wayne Macrae-led copper explorer CuDeco has performed strongly in the past three months with investors starting to see progress on its $200 million Rocklands project near Cloncurry in north-western Queensland. Last week CuDeco said it had paid a third $US10 million instalment for a 3 million tonne per year mineral-processing plant for Rocklands with the final sign-off on the engineering and design of the project due to be finalised in China later this month. That follows the Queensland government granting a mining lease for the project late last year. Early works and housing have started with first production slated for early next year. Major London-based fund manager M&G Investments, which holds 12 per cent of its capital, completed a $32 million capital raising in January which the copper company says will boost its cash reserves to $171.4 million and net assets to $275.1 million.