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Ah, ok to be fair four mile predated him too and despite difficulties may have actually have performed ok.
Very decent results, a little ahead of what I expected. And strong short term outlook. 'Amazed' the SP is still lower than it was at points during h1 of last year. The price enviroment is a really fortunate thing at the moment as it will be good to see debt come down and hopefully further meanful income streams added. Piaui could contribute meaningfully and assuming things develope as planned the intial royalty and equity investments there could be proven to be a good move, the upsize option potentially making it a core asset.
I'm not so fussed about JT going. I'd have been happy for him to stay too. The absoute core here is kestrel and that predates him. He's made some good moves I would say, LIORC has turned out well, Voiseys Bay so far has performed well(though I would argue is not without risk, given possible developments in battery chemistry). Narrabri and Four Mile arguably have not been so successful. I think he's improved a lot, but I'd also say he is not the best at selling the company. I also get irritated with the excessive use of the word 'transformational'. I think truely, it'll take 10 yrs to really say how well he has done. I still think he should have looked for something sizeable in copper when it was cheaper.
I was looking back at some old rns and found this from 2005 relating to kestrel:
'coal royalty receipts from the Kestrel and Crinum mines, operatedby Rio Tinto and BHP Billiton respectively, were £5,313,000 (2003: £3,376,000). The independent valuation of these interests at the year-end was A$141.3 million(£57.6 million)'
Lol at that valuation. Obviously the £ has devalued a fair bit since then, but still. A big part I think of kestel turning out so powerful has been changes to the way queensland royalty rates are calculated, possibly also increases to the reserves/lom, improvements in mining tech. I wonder on what basis it was initially aquired?
Agree with your thoughts on JT.
He's going to be heading up Cotec. Shares are currently suspended, but I'm keeping an eye out for when they come out of the trading halt.
Here's the website:
https://cotec.ca/
Such a shame JT is off - he has such vision and it is clearly paying off. Anyone know where he is off to next? Personally I would like to be an early investor in any new venture he is associated with.