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I've no idea about the technical issues surrounding this, but I think a significant reduction in NPV would spell game over for the current regime and any hope of funding it with some sort of debt/equity hybrid. Let's hope Hannam have got this wrong.

Morning, iceberg.
I agree that he needs to explore all options - it's the only way to get the best deal. And I believe he should look at all alternatives.
With regard to the specials, of course you are right - he was never going to win, which begs the question, why did he bother tabling them knowing he was going to face humiliation? That makes no sense to me and he has ended up looking weak.
I think you are also correct about Porvenir.

TBTT, obviously, you are quite right. The defeat of the specials was a major blow for Mather and, in some respects, even more important than his own position.
As I said before, the consequence of the result changes everything and Mather has two choices; seek to repair the relationship with BHP or, face the consequences. I have a sneaking feeling he'll pursue the latter.
Some people on here seem to think he'll pursue a jv with someone other than BHP - a Chinese outfit perhaps, and they present this as being preferable. Personally, I can't see how it would be better, but perhaps I 'm missing something.
I've no idea how this is going to pan out next year, but one thing is absolutely nailed-on, things will change...and significantly so. The status quo is simply not an option.

earthling, why would we need another placing? We've got a stack of cash at the moment.

schlemiel, yes, they have to be declared. And there's zero chance that BHP or NCM would enter into any type of 'informal arrangement'.

2Luke, if a concert party is declared, which is what I think you were suggesting, a bid has to be made to all shareholders when that cp breaches 29.99%. If NCM and BHP decided to do this, obviously they'd have very little opportunity to increase their stake by much in the open market, given they're not far off that percentage already.

DartFrog, it is vanishingly rare for a CEO of any plc to have this number of shares waged against him and in no way can this be seen a vote of confidence.
However, he won and, for the time being, that is the end of it. He must now make more effort with regard to the small shareholders who kept in him in his job. And make no mistake, that's what we did. He survived by the skin of his teeth and he should be eternally grateful and stop treating us like mushrooms. It will be a mark of his character as to how he responds to this situation and I for one want him to re-establish good relations with the main shareholders. Failure to do so will eventually lead to his demise.

"Quady common sense" easily wins the Best Oxymoron of the Week competition.

smickster, I have stated on numerous occasions I voted for him. I am firmly in your point three category and am hoping he pays attention to what happened yesterday and adjusts accordingly. If he doesn't, I'm perfectly happy to see him go.

There's a really weird assumption made by the productioneers that somehow those of us who don't see it panning out that way, want to "sell it on the cheap" to BHP, or someone else for that matter. Nothing could be further from the truth.

iceberg, one other thing, unless it's either at an agm or egm, the shareholders don't do the sacking - that is the preserve of the board.
What shareholders do is apply pressure to the board and, if push comes to shove, make threats, specifically that of calling an egm. In our case there are two scenarios; 1) the type of conversation I outlined below or 2) the straightforward threat of a hostile bid.

iceberg, I've already done it.

It seems many people don't really get how things work at board level within a plc so let's look at a theoretical situation.
The main shareholders, whose money has got us this far, pick up the phone to Twigger.
"Look, Liam, you now know our position, but we don't want to rock the boat anymore. We believe in this company and want to see it succeed. However, we can't work with Mather. We're prepared to pony up all of the money required to get this into production and we can talk about how those funds will be structured. But, this offer comes with a condition - Mather must go".
What do you think Twigger would say? Bear in mind, his job is to give an independent view and he is not there to defend Mather.
Does he dismiss the idea out of hand? Does he talk to his other board members?
To my mind, this is the sort of conversation that will be going on.

sorry iceberg, you obviously didn't see my other post. And you are wrong about Patterson.

iceberg, I provided a number of examples and there are many, many more. If the minority is very powerful they have a disproportionate level of influence. We are in that situation.

I think you mean redknight.

Oh well, that didn't last long.

At last! Something upon which Quady and I agree. (I'm filtered, so he's going to miss this triumphant moment)
He is right that NM will now have to pay more heed to us small investors. Like most plc ceos, he's been able to ignore us, but yesterday proved just how much he actually needs our support. The first step will be to up his communication piece and give us a bit more detail (it took nearly six months of my badgering him before the company finally revealed the true position with regard to whether our concessions were in designated protected areas. That shouldn't have been necessary) I would also like to know the detail of the tax argument.
Anyway, this is a momentous moment and please pass on my congratulations to Q.

rk, of course, you are correct.
The interesting thing about the situation here is that this will be a real and early test of just how effective and independent our new INEDs really are. I wasn't particularly impressed with Twigger yesterday, he seemed nervous and somewhat hesitant, but I'll put down to the fact it was his first outing and he found himself in an uncomfortable position. He occupies the key position now and his task is to reflect the views of our shareholders and bring Mather and our main shareholders together.

smickster, I'm absolutely sure they don't. But the circumstances may force them into being unlikely bedfellows. Personally, I hope not, but it seems pretty unlikely to me that they won't be talking - and probably did so before yesterday.