Member Info for Bancal

Zoros regarding the 5% FMV option you state

"5% fmv: If/when it goes to arbitration, the Valmin code WILL be used. It will be accepted by both parties as THE authoratative means to an end, namely that the arbiter will assess both fmv figures from NCM and GGP and he/she will decide on one or the other. There will be no middle ground figure. Both parties WILL agree to this figure if the transaction is to proceed and NCM will have 30 days in which to prosecute the deal."

I don't think your statement that both parties will agree to this figure if the transaction is to proceed is correct. As I understand it GGP do not have to agree to the arbitrator's valuation in order NCM to exercise their option to buy the 5%. NCM can refuse to buy but GGP cannot refuse to sell. Effectively no agreement between GGP and NCM is required on the 5% FMV decided by the arbitration process. The transaction proceeds if NCM decides it does.

Ben, if GGP's valuation is $100m then we would need NCM's valuation to be at least $80m to be within 20% but +20% on NCM's $60m in your example would then give an NCM valuation of $72m so that wouldn't work. NCM's valuation would have to be $80/1.2 = $66.7m.

Are you a fan of Fritz Joubert Duquesne, hence the user name?

d'accord

I'm not sure that is correct. I don't think NCM have to agree the 5% FMV part of the JV agreement for them to start mining and send ore to Telfer. They can refuse to take the additional 5% and just proceed with the 70% they own. N'est pas?

Chris2 I should have said.

What a sad life when you spend your days arguing with folk about a share you don't own. Another one for the filter.

In response to petejh

Childish and pathetic nonsense.

I'm happy to be corrected but from today's rns I think the 10% difference has been increased to 20%.

There is no arbitration process as far as I understand it. If Newcrest and Greatland can't agree it goes to an independent expert for valuation of the 5% of Havieron and then Newcrest can accept or refuse that valuation but GGP cannot refuse to sell to Newcrest if the valuation is much lower than theirs. Happy to be corrected.

They guy is a deranged lunatic

https://twitter.com/MartyBent/status/1501352161761894402

The buyers at $5000/oz would be the gamblers hoping it will go to $10,000.

That old myth has been circulating for a while and is not true. Here's a Scientific American article that debunks it.

https://www.scientificamerican.com/article/earthtalks-volcanoes-or-humans/

Did I hear correctly that towards the end of the interview Shaun said that the "FS is already flagged up to be 50% bigger than the PFS" ??

It's interesting to note that I have 115 on my filter list and you would think that I would see loads of green boxes with the occasional non-filtered post but that isn't the case. The newly filtered appear for a few days and then disappear - I have one showing at the moment and not sure who that clown is. They appear, rubbish GGP and then disappear and either have attention seeking issues they need help with or are there to push the price down. I don't believe they are GGP holders interested in the company doing well. Either way I just filter and move on.

This is what Wolf Street has to say on bitcoin

"In the end, they’re just gambling tokens with which people are trying to get rich quick. And it works for those that can get out in time."

https://wolfstreet.com/2022/01/05/markets-suddenly-hear-hawkish-fed-stocks-sag-arkk-plunges-yields-jump-cryptos-the-new-hedge-against-inflation-fail-to-hedge-plunge-in-sync/

Paddy, a couple of weeks ago you posted on Twitter a comparison of the 2020 and 2021 vertical profiles. I digitised both profiles - not exact because the depth axis was a bit tricky - and integrated the area under the OPV vs depth curve. I did the exercise twice and the 2021 figure was 24-25% greater than the 2020 figure.

Apologies if someone has already mentioned this. For the Havieron PFS Newcrest gave an IRR of 16% and GGP 27% so that suggests to me that they may well be quite a bit more than 10% apart on their FMV for the 5%.