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"Greensill rains cash, for some at least
Grant Thornton pulls in the big bucks Greensill, as they give Sanjeev Gupta’s GFG yet another extension on its bills. Plus hot mikes in the Senate, and fresh problems for Newmont at Telfer."
Prob this one (behind paywall).....
https://www.theaustralian.com.au/business/margin-call/grant-thornton-bills-big-at-greensill-as-gfg-makes-another-promise-to-pay-its-overdue-bills/news-story/b5f994b3f6ae7b260afaf76f69bbfebc
Good afternoon @ 4am Ben. Copy and paste the article if you don’t mind. Most of us can’t read it behind the paywall, thank you.
Good afternoon All
According to The Australian newspaper article Margin Calls!
The sale of Telfer has not going well for Newmont, after Telfer was out of action for 8 weeks earlier this year after workers spotted sinkholes in the tailing facilities.
Heavy weather up in the remote north has caused a second stoppage, all at a time when they are showing Regis resources, Ggp and even though denied by Northern Star. Resources but widely rumoured around the facilities!
That should knock a few more million off!
All the best Ben
Drover I wouldnt write off OMI just yet, the drill results have been fantastic just need the right partner
Evening Drover. Hzm didn’t get financing cos nickel is on its knees with the Indonesians flooding the market. Fortunately Ggp has gold and copper as its two main deposits, which are both highly sought after. There is plenty of finance for the right projects, as the major commodity traders attested to last week.
Don't worry, look at HZM was 175p 7 months ago and now today its 0.4p, down and out as they did not get financing in time while GGP has all the finances ready to get the stuff out of the ground and to the mill. All companies like HZM are in the same boat IE OMI, CNR and hundreds more are going nowhere again due to finance. GGP is going mining and to the moon. DM
Wiltshireman It was 2-3 years ago in the 30’s not 7 years ago but I get your point…
Of my early gold share investments, way back in the last century when gold was $200 an ounce, shares were usually valued on the gold mine resource even though it was in the ground, often misinterpreted due to poor technology, and had yet to be dug out, often at great expense. It did seem rather daft to me but every time gold rose the exploration companies did likewise. How times have changed with a huge gold nugget at Havieron and the potential for more the main preoccupation seem to be obstacles, aquifers availability of the mill but a stones throw away etc etc etc. ad nauseum . If we were back in the old days Greatland would be valued at a record SP. Its ironic that we made it into the high 30's over 7 years ago when the delineation of the huge Havieron resource was yet to be defined and the gold price was half what it is today. Doesn't make sense does it.?
If only we knew where a giant ore body is??!
It’ll be pushing up all year I feel. Up and down but nonetheless slowly up to 2500 and beyond. No reason for it to go down. All currencies are being devalued daily. That won’t stop. The east will keep accumulating gold and silver and they don’t want dollars. BRICS don’t want dollars. No reason for gold to fall back nor stop going up over time.
Looks like another push up.
Exposed as what?
I think aces y-fronts might be a bit tight , take a chill pill sir lol
Because you did - pathetic reply. Methinks you have just been exposed.
Watch out for this one folks.
I am thinking that given the status of Telfer and the large future site restoration liability involved, there are a lot of details to review. Some of the other Newmont sites for sale seem to have found a home, whereas this sale is not as straight forward.
We know Shaun has indicated that for the right price GGP want both Telfer and Havieron. It is a company maker for GGP. So I do understand why this is taking time and could take many more months.
I am interested to see what is in GGPs quarterly update next week, plus, Newmont's quarterly update. I don't expect them to write much about the sale but I do hope they share some news.
Ok, I think it's about time for a 2020s style crazy SP rise. I'm up for some news now Shaun. A massive hit somewhere, or a positive update on Hav/Telfer, or something out of the blue. RNS tomorrow please, if it's not too much to ask. Thanking you in advance.
Thanks for the link back to the RNS. I remember reading it when it came out but good to remind myself of its details. If we assume the stratigraphy is the right way up (not overturned), the "sulphidic altered BIF unit" containing 1178ppm Cu is deeper than the gold anomalism. There could well be other BIF intervals deeper and even above the anomalous gold zone but in the absence of that information, i'll assume the BIF's are older. The alteration mentioned is quite typical of orogenic deposits. Hematite alteration is clear evidence of rather oxidising conditions.
As its written, it suggests gold is hosted across the basalts, syenite and the BIF rather than confined to one unit. Not sure on the relationship between the syenite and the other units. Majority of the gold sounds like its vein hosted which I described in my original post as what we'd expect. If those veins penetrate through each of the units, it suggests the mineralisation is epigenetic. They are, unsurprisingly, vague on a number of details including the sulphides in the BIF. If I were to guess the Cu anomaly is due to a mix of Cu hosted in Fe minerals like hematite or magnetite alongside pyrite and chalcopyrite.
Because I did. That's all that matters. What I added is true.
Trader - Why did you add these comments to this thread.
"Another poster mentioned ASIC for companies like Newcrest, Newmount being higher. This is true as these companies have higher operating costs. It is why they need projects with larger ROI. Newcrest, Newmount can borrow larger amounts and at lower interest rates than the likes of GGP. They can afford to buy the larger mines with a greater ROI. The aquifer needs to be resolved. Costing time and money."
The RIO costs will mean Newcrest will have to give Telfer away plus a bond towards the closing fees. Telfer is basically worthless. From a GGP perspective closing Telfer can be done over a longer duration. Periods when production is shutdown for breakdown or other issues staff can be reassigned to Telfer reinstatement. I am guessing that GGP can charge a common fund set up to fund the reinstatement of Telfer. Another poster mentioned ASIC for companies like Newcrest, Newmount being higher. This is true as these companies have higher operating costs. It is why they need projects with larger ROI. Newcrest, Newmount can borrow larger amounts and at lower interest rates than the likes of GGP. They can afford to buy the larger mines with a greater ROI. The aquifer needs to be resolved. Costing time and money.
Closure cost estimate
An independent specialist consultant was commissioned by Newcrest to develop a 2022 closure
cost estimate. The estimate was for a combined Telfer-Havieron closure for Telfer LOM and
Havieron (100%) of A$478.1M including contingency. The cost estimates were prepared in
accordance with the global good practice standards defined in the International Council of Mining
and Metals (2019).
3.8.8 Conclusions
Based on the information provided by Newcrest, it appears that all relevant approvals required
to be gained for the Telfer-Havieron Amended Proposal, have been identified. This includes
recent referrals to State and Commonwealth regulatory bodies. The extent and content of any
conditions set if approval is granted is unknown at this stage, and closure costing estimates have
been made with certain assumptions that may also be affected by conditions of approval.
Closure costs blowout to an estimated $850m AUS could be seen as a test case for other large mine closures in WA in the modern era.
https://thewest.com.au/business/mining/rio-tinto-steadfast-on-aboriginal-ties-as-argyle-diamond-mine-closure-costs-balloon-nearly-50-per-cent--c-14290756#:~:text=When%20Argyle%20was%20switched%20off,the%20end%20of%20last%20year.
Tig
I think you’re a year too soon .
My current view based on Shaun’s last statement is bottom of decline by year end . Then 3 quarters (9 months ) of mine development . Takes us to q3 2025 . Chuck in a couple of delays with weather and unexpected development problems takes us to Q1 2026 .
Could well be first ore from development drives mid 2025 to test the plant and do a fine tune but won’t be anything in the 10’s of thousands of ounces .
Really hope it’s you right and not me but have been disappointed too many times to think it will be sooner .
Absolutely agree with you Tig. I've held and continued to increase as and when. I do believe Lassonde will apply, but for it to do so fully we must get the right deal on Telfer. If there is another tailing dam issue (as rumoured but yet to be confirmed - so treat with caution) then it is a salient reminder to the negotiation team to use leverage on the need to veer towards belt and braces view on any liabilities. I believe the upswing in SP towards production from Hav will more than mitigate against any temporary blips further along the road. Along with the tighter margins we may be able to utilise in the Telfer mine, the pathway to new income streams for the processing side of things will hopefully develop as tenements in close proximity come on stream making GGP the dominant player in the region.