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Wow, a real insiders view by the men that really matter in this game. And there we have it folks.... confirmed... Blackrock part of the scum holding SOLG back with their 25m rating shares game. Bit surprised Norges included in that mix as thought they may have been more neutral.
I'm absolutely loving this! This has now become a real little guy v the super majors. The world is watching now. If the little guy delivers another blow to BHP like Wyloo and co, then it could change the entire landscape of mining going forwards. BHP simply can't afford to get into the ring and lose.
I feel vindicated on many fronts (based on past views) and great to see some 'meat' on the bones.
Whilst some might dwell on the idea of selling part or whole of cascabel, others will know that if one slice of that asset is eaten into or sold, then BHP have to attempt to thwart it or beat it or walk away yet again.
If Oz minerals ends up going for $40+ then BHP will have had to pay a whopping 60% above their original offer which they said was fair and good value.
We have some serious heavy weight guys on our side with proven expertise and they look more nibble and streetwise than the likes of Henry and biswas.
It's going to get very exciting indeed and rightfully so... Cascabel is a stunning in many ways. It's world class.
Sorry , smick not stick.
Stick, he must be on the same page.
Put your ear to the ground. The distant rumble of hooves is fast approaching ...... and there’s thousands of ‘em.
And not a mention of JV’s in sight
Add it certainly is and also quite strange how quiet NM is at this moment.
He seems quite happy to let the cgp boys get on with it.
thank DBW for all that - interesting read
so we're well n truly up for sale of Cascabel now - we'll likely not achieve anywhere near full potential - but you know what I'll be glad to see an end to it all...........once it's sold and we receive our pay day I will most definitely be out.......
I am not going through this sh-y-te for another 10yrs no effin way lols!!!
atb
bn.c
The thing which is amazing about what's going on is the speed with which the situation has changed. It's also stunning how Sangha has re-positioned himself from shouting from the sidelines to being in the driving seat.
A stunning corporate coup.
“We are bringing it to an end fast and smart”
Wouldn’t want to be out of this overnight/tomorrow/the weekend/ at all
Pulling him off of not pulling him off over :-)
Smickster pulling what off???
The confidence on display might imply that Dbw. It's also clear to me that Sangha's preferred outcome is a sale of Cascabel:
"No one would be happier than me if we end up with a great outcome for shareholders and BHP and Newcrest end up with zero stake in Cascabel,"
What the hell was Cuzzubbo smoking. If you really want to continue proving up Cascabel fine, but why bother with the CGP merger? It does sound a lot like he was played for a fool. Either that or he knew exactly what was going to happen, took his 345 days worth of salary and his options, and bent over.
If this were a fight, I think I'd be pulling Sangha off of Bhp at this time.
Certainly not holding back and giving the impression he has something big up his sleeve, hope it's not his bat for poor old Bhp.
One of the best articles I have ever read
Twiggy, please step forward son
Sharket these guys all stand to lose loads….. I’m sure they already have something in place
Dbw, if he pulls this off - and his track record implies he has a good shot - this will be a great outcome for shareholders. Cascabel sold, share price re-rates accordingly, with those who decide not to sell out rewarded with a special dividend. Cash in the bank to prove up the rest of the Portfolio. SOLG returns to being an explorer. Rinse and repeat.
I said earlier this company is likely to not exist in 2029 - if we follow the strategy above I very much hope it does!
"Slow and stupid"! I believe the modern expression is LOL.
It's gratifying to know these people are slowly catching up with those of us on this board who've been saying it for years.
Sharket they’re not here for the long game.
Just need this merger ticked off
Schlem yep interesting stuff …. Actually it was the slug who passed me the article on another platform
WOW. What a great read that was. Loads of gems in there.
“We are going to do what we should have done six years ago; monetise this in whatever way maximises value for shareholders,” said Sangha. “We are bringing it to an end fast and smart, rather than slow and stupid.”
Lol Add I don’t think anyone fell for that lol
DBW
many thanks for that article
"...pretending they are going to build a block cave".
Blimey! What a terrible surprise!
Cuzzubbo is a former BHP executive and while that doesn’t mean he was aligned to BHP’s cause at SolGold, insiders say he wanted to continue patiently growing and defining the value of Cascabel in the belief it will be worth much more in a couple of years time when the connection to nearby geology is better understood.
That strategy suits BHP and Newcrest’s deep pockets just fine, but the small guys are less patient.
‘Fast and smart, rather than slow and stupid’
The third and most significant thing to occur at SolGold since the announcement of the Cornerstone merger is the initiation of a “strategic review” that will consider “value creating alternatives” for Cascabel.
The strategic review will be run by Sangha and Citi and will consider selling part or all of Cascabel, among other options. Sangha says the strategic review heralds the end of an era where SolGold was “pretending they were going to build a block cave” mine.
It now seems far more likely that SolGold will sell part or all of Cascabel and use the proceeds to return to its core competency; greenfields exploration.
“We are going to do what we should have done six years ago; monetise this in whatever way maximises value for shareholders,” said Sangha. “We are bringing it to an end fast and smart, rather than slow and stupid.”
A sale of Cascabel could leave BHP and Newcrest owning little more than shares in an exploration company they don’t control.
Citi’s involvement in the review means Sangha won’t have it all his own way; Citi were this year an adviser to BHP on the $8.3 billion bid for OZ Minerals and are perceived by most observers to be a balancing force against Maxit.
Talks with OZ revived this week, building optimism that BHP will be able to strike a deal for its South Australian copper assets, which shape as a more strategic and important addition to its portfolio than Cascabel.
BHP and Newcrest would be free to bid for Cascabel should SolGold attempt to sell it. But either way, the big Australian miners’ might have their hand forced sooner rather than later.
“This is going to be a very exciting story in SolGold going forward,” said Sangha.