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Jerry, I'm not sure of the reason, other than the obvious i.e they've never needed it. But as a general principle, it makes no sense for large multi-nationals to share ownership and shareholders don't like the confusion and disproportionate amount of management time that has to be dedicated to jvs.
If it's worth owning 30% of an asset, it's even better to own 100%.

As Jerry says, Newcrest are currently being pulled in many directions and have a difficult situation to deal with at Telfer. But of even greater concern for them is the fact they are a prime takeover candidate. Many pundits reckon it will not be long before Rio take them out.
We are at the early stages (in mining terms) of the new strategy of majors investing in explorers in order to mitigate their own risk profile. We haven't yet seen how this will all play out and what their intentions really are. But I find it very difficult to believe that any major plc will wish to have a whole bunch of minority, or even majority stakes in a raft of independent companies...the world simply isn't like that. It's not what being a FTSE 100 company, or any other index, is about.
NM is obviously ploughing on with the search for interim funding (which can't be easy in the current situation) and he'll either be consulting our main shareholders on this, or he'll run the risk of seriously pishing them off...as I believe he already has done with Biswas. He's doing it to fulfil his own ambitions, which in any other circumstance and company, would be admirable. However, BHP couldn't give a toss about his ambitions. They want ownership of this (perhaps only Alpala at this stage) and I'm convinced they'll pounce when the timing suits them. The question for me is, will that be pre-interim funding, or not? Or will they take part in the interim package, cement their position even further and then act before the full package is progressed? On the basis this would make their position unassailable, NM will want to avoid this. So we could find ourselves in a wonderful ****hing contest. Either way, all parties here find themselves in an interesting position and I'd lay money on the fact that when BHP fIrst got involved they didn't envisage NM making so much noise about wanting to remain independent; it simply isn't what their new strategy is about.

Morning, Quady. Personally, I think it's your last sentence which explains exactly why SOLG will not remain independent. None of the majors will wish to hold a small minority stake in this situation. In fact, it's inconceivable.
I also happen to feel Newcrest are in no position to invest a huge amount here - hence my observation. They are in a highly vulnerable position and a great deal is riding on Hav...which I believe may save their bacon.

montecristo, I have no doubt whatsoever that NM is serious about taking this to production - it's just that no one else believes him. And by no one, I mean market commentators/analysts etc. And I'd be doubtful the various CEOs of the majors will have much confidence in the claim either.
I know we are broadly divided into two camps on this matter and only time will tell which of us is right. Until such time as he's raised the full funding package, I'll remain of the opinion this will go to a major - BHP being the clear frontrunner.
I liked the sideways reference to Barrick - perhaps NC will sell their holding and a jv between BHP and Barrick will emerge?

Interesting if somewhat strange NED appointment. I'm not really sure what she brings to the party, other than having once been a corporate finance lawyer, albeit at junior level.
As far as I can see, she has no obvious connections to Mills, although I wouldn't be surprised if she did.
In any event, her role will be important in ensuring Mills doesn't get this on the cheap, so I hope she can stand up to the chairman.

On the point of director purchases, although I'm of the opinion it's more likely to be part of the fundraising exercise, I guess now that MRE3 is out of the way, they should be free of insider restrictions. Unless of course, the funding package is about to be announced...or something else.
By the way, as far as the fundraise is concerned, I'd be amazed if they're able to hit the deadline. It's difficult to see much action in the current environment...and this time, if there is a delay, it would be perfectly understandable.

iceberg, the revised timeframe...not the original one. I know, that's nitpicking. Otherwise, an excellent update and some very welcome news in these troubling times.

Hereshopin, that was my take as well. In other words, what was the point of the analyst making the comments?

financial section contains a rather bleak assessment of the future for TLW.

I don't know, where is it?

JS, my view of Nm's tactics are that he's been coming out with all this guff as a negotiating stance.
What the situation at both SOLG and GGP exposes is the very real difficulty small explorers have in getting a project off the ground (or, more appropriately, in the ground).
Endless fund raises never, ever achieve the real goal and will never be sufficient to actually start production. They then go down the only available route, which is to solicit a j.v or equity injection from a major. This is all fine and dandy right up until the point you want to realise some value. At which point the available options are incredibly limited.
NM knows this and all the talk about project funding are merely a way of trying to demonstrate to BHP/New that other options are available...which they aren't.
In my opinion, the guys here are playing a much better hand but there will be no option other than to sell the 30% in Hav for as much as they can get to New. But at least it will based upon fair value and will provide an excellent return for us shareholders. Let's hope NM doesn't overplay his hand and feck the whole thing up.
As an aside, the newish policy of majors to get juniors to do the early heavy lifting is inspired. It mitigates the risk and leaves them with virtually all the cards. Genius.

Jerry, what Mather wants and what he eventually gets, are two entirely separate things.
Both SOLG and GGP will never in a million years actually be shareholders, of whatever size, in a fully developed, operating mine.

Well said, Jerry.
Some of the tosh uttered on these boards is hilarious..."Big boys on the way...MM's controlling this." etc, etc. It's blatantly obvious that many folk who make such comments have never been near a boardroom table in their lives and could barely find the City on a map and yet, day-in-day-out, they offer opinions as if they had some rare insight into matters. And the sad thing is, some people believe them.

I'm intrigued.
By the way, if you're simply going to ask me out on a date, you should know I'm already married.

Jerry, sorry, no, I don't use twitter. And my email address isn't anonymous.

Agreed, Jerry. It would make far more sense for them to invest at the fund raising stage.

It's almost impossible to know how to respond to this post.

Not exactly a surprise, is it? Good to note most of the info required for the PFS has already been "substantially gathered". I'm assuming this means they can progress the work from their homes.

Echo, I think Mills is hoping to do exactly that. Have a look at his track record and his corporate web site...it tells you all you need to know.

I see they are continuing to buy.