Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The 2022 Telfer Mine Closure Plan was approved by the Regulator (DMIRS) in June 2023,
meeting the regulatory requirements for closure liabilities and providing adequate financial
capacity for closure.
(providing adequate financial capacity for closure)
Will this mean when Telfer is sold the closer costs are in place maybe a reclamation bond included in the sale
Think the biggest problem is the amount of time the contained aquifer is taking H2 could be up to December 31 so a full year ,Even 6-7 months is not as stated temporary pause in decline development so I can fully understand why there is confusion over the statements " temporary pause in decline development" and a recent statement " it was always going to be in the second half of 2024.
This shows how fast an SP can change
Awalé Resources up 627% in 6 months
MARCH 25
Newmont JV with Awalé Resources
26 g/t gold over 57m, 1487 gram meters gold from 164m downhole in OEDD-83
Including 45.7 g/t gold over 32m @ from 165m downhole
Mineralization is consistently high grade throughout the reported interval
One of the highest-grade gold intersections in Africa in decades
A follow-up drill program is scheduled to begin in April, with 25,000 meters planned for 2024
My point is. how quickly things change and how quickly a deal can be made .
November 18, 2019 “We congratulate Saracen on its agreement to purchase Barrick’s stake in KCGM and we look forward to partnering with them to continue delivering value at this world-class asset, safely and efficiently,” said Tom Palmer,
December 16, 2019 Newmont Agrees to Sell Its Interests in KCGM .
January 2, 2020 Newmont is pleased to complete the sale
Newmont Goldcorp Looks Forward to Partnership with Saracen at KCGM in Australia
November 18, 2019
KCGM remains core asset for Newmont in favorable jurisdiction
DENVER--(BUSINESS WIRE)-- Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) said it looks forward to a long and productive partnership with Saracen Mineral Holdings Ltd. (Saracen) at Kalgoorlie Consolidated Gold Mines (KCGM) in Australia. Earlier today, Saracen announced an agreement to purchase Barrick Gold Corporation’s 50 percent stake in KCGM. Newmont Goldcorp will remain the operator of KCGM and continue to manage the mine according to its leading policies and standards.
“We congratulate Saracen on its agreement to purchase Barrick’s stake in KCGM and we look forward to partnering with them to continue delivering value at this world-class asset, safely and efficiently,” said Tom Palmer, President and Chief Executive Officer. “KCGM and the Golden Mile offer ongoing growth and value generating opportunities in Australia, which remains a core operating region for Newmont.”
Newmont Agrees to Sell Its Interests in KCGM to Northern Star for $800 million
December 16, 2019
Newmont Agrees to Sell Its Interests in KCGM to Northern Star for $800 million
December 16, 2019
Transaction increases proceeds from 2019 asset sale agreements to $1.4 billion
DENVER--(BUSINESS WIRE)-- Newmont (NYSE: NEM, TSX: NGT) (Newmont or the Company) has agreed to sell its 50 percent stake in Kalgoorlie Consolidated Gold Mines (KCGM) to Australia’s Northern Star Resources Limited (ASX: NST) (Northern Star).
Under terms of the agreement, Newmont will receive $800 million in cash for its interests in KCGM, inclusive of a $25 million payment that gives Northern Star specified exploration tenements, transitional services support and an option to negotiate exclusively for 120 days the purchase of Newmont’s Kalgoorlie power business for fair market value. The $25 million payment will be credited against the purchase price for the power business or returned to Northern Star if the power business is sold to a third party. The transaction is expected to close in early January following receipt of ministerial consent required under KCGM’s crown leases.
“This transaction generates exceptional value and further strengthens our financial position by increasing proceeds from our 2019 asset sale agreements to more than $1.4 billion,” said Tom Palmer, President and Chief Executive Officer. “Australia remains a core operating region for Newmont, and the sale of KCGM allows us to focus on investing in profitable growth and long-term value creation at our top-tier Tanami and Boddington complexes, in addition to our active exploration campaigns across the region. Northern Star is a well-established, Australian-based gold producer with a core competency in exploration, a commitment to community development, responsible environmental stewardship and, most importantly, excellence in safety.”
January 2, 2020
DENVER--(BUSINESS WIRE)-- Newmont (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced it successfully completed the sale of its 50 percent stake in Kalgoorlie Consolidated Gold Mines (KCGM) to Northern Star Resources Limited (ASX: NST) (Northern Star) receiving cash proceeds of $800 million.
“Newmont is pleased to complete the sale of KCGM to Northern Star and hand over the asset in good order to a well-established gold producer with a commitment to safety, community development and responsible environmental practices,” said Tom Palmer, President and Chief Executive Officer. “Proceeds from the transaction will support Newmont’s disciplined approach to capital allocation, which includes strategically reinvesting in the business, strengthening the Company’s investment-grade balance sheet and returning cash to shareholders,” Palmer added.
Total proceeds from the transaction include a $25 million payment that gives Northern Star specified exploration tenements, transitional services support and an option to exclusively negotiate for the purchase of Newmont’s Kalgoorlie power business for a 120 day period.
Gold tumbled this week after new U.S. economic data bolstered expectations that the Federal Reserve will be slow to lower interest rates.
Spot bullion had a volatile week as investors analysed the data, before trading down 0.14 per cent at US$2,159 an ounce as of 12 p.m. in Toronto. Gold hit an all-time high of $2,195.15 last Friday.
The shift to lower interest rates is broadly expected to be bullish for gold as the precious metal will become comparatively more attractive compared to bonds, which are currently generating high yields because of high central bank rates.
But that shift won’t happen until central banks cut lending rates, which they’re reluctant to do until they see more proof inflation is heading back toward 2 per cent.
Interest rates aren’t the only factor impacting gold’s price. Substantial buying by central banks in emerging economies such as China has pushed up the price of bullion in recent months and years.
While increased geopolitical uncertainties, ranging from tensions in the Middle East from Gaza to the Red Sea, as well as Russia's conflict war (CTVNews Style) in Ukraine, have further highlighted gold's attractiveness as a safe-haven asset.
Those factors came together in a perfect storm this month, as gold has hit one record high after another.
Gold mining companies, on the other hand, aren’t seeing a pick-up – and in many cases, they’re seeing quite the opposite. The share prices of many producers, including the biggest players in the space – Newmont and Barrick Gold – are testing the lows.
The performance of the S&P/TSX Global Gold Index, a basket of global gold producer stocks, has tracked the performance of bullion closely for much of the past decade, but it has failed to rise during the current bullion run.
That can’t last, one market expert told BNNBloomberg this week.
“The markets are treating these companies as if they are dealing with a $1,400 gold price,” said David McAlvany, CEO and portfolio manager at McAlvany Financial Companies. “So you’ve got a number of major producers trading at extreme discounts to their net asset value, and I think that represents a big opportunity.”
More Advantageous Than a Right of First Refusal
Some business owners attach significant value to a right of first refusal. However, whilst having a right of first refusal is better than nothing, it is not as valuable as the right of the last refusal.
This is because a right of first refusal provides your company with no information on whether your prospective bid will be higher or lower than your competition. However, in contrast, a right of the last refusal gives you the best current offer for you to match or beat.
Recorded Within a Written Document
Nearly all rights of the last refusal are stated within a written commercial document, whether this is, for example, a lease negotiated with a landlord or a shareholders agreement. Having the right recorded in writing is an excellent idea as it provides you and any future seller with certainty about the nature of the right of the last refusal.
Typical wording is likely to mention some of the following conditions:
(a) how the seller should notify your company of a bid, typically through an offer notice;
(b) the time limit in which your business should be informed of any open market sale;
(c) how long your company has to respond with a bid, usually 7 or 28 days; and
(d) any expiry date of the right of the last refusal as some may lapse by, for example, 12 months.
It is good practice to try and make the wording covering any right of the last refusal as detailed as possible to ensure clarity and certainty for your business.
Revision 1.1
30 March 2023
Unconfined/perched aquifer
The unconfined aquifer is small and interpreted to comprise of:
55,000
Hypersaline
221-235
Superficial sediments (though they are generally unsaturated at Havieron given their thickness
of 5-15 m and the average water table depth of 14 m)
The underlying upper saprolite, lower saprolite and sap-rock subunits of the Upper Williams
Mudstone (UWM) (typically about 12 m thickness) have the potential to host a perched
aquifer, particularly where these weathered sub-units are underlain by a thick succession of
very low permeability claystone and mudstone of the upper UWM group.
It is suggested the UWM group underlying the unconfined/perched aquifer is probably not allowing
any leakage from the unconfined/perched aquifer into the underlying Upper Confined Aquifer.
However, where the UWM has been eroded out the aquifer is well connected to the underlying Upper
Confined Aquifer and is considered to be one single aquifer since a perched water table was not
observed.
Recharge is considered to be negligible, except following significant rainfall events near playa, over
the dune or where the UWM is absent and the aquifer is underlain by the Lower Tillite. Discharge may
occur via evaporation in shallow water table locations or into calcrete aquifers to the west of the
Proposal or downward leakage where the UWM is absent.
Groundwater chemistry is highly saline to hypersaline, slightly alkaline with a sodium-chloride type
with elevated sulphate concentrations. The dissolved iron concentration is approximately 0.45 mg/L.
Upper confined aquifer
This unit comprises the basal upper silt/sandstone beds of the UWM and entire UFT. It is confined by
the UWM except where UWM is absent (to the north-west of the Proposal) or UWM remnants are
20 m thick in the south west. The aquifer is likely recharged away from the Proposal where the unit
outcrops. Discharge may be into the Percival Paleochannel.
Groundwater chemistry is brackish to highly saline, slightly alkaline with a sodium-chloride type with
elevated sulphate concentrations. The dissolved iron concentration is approximately 0.64 mg/L.
A Lot of information in this document
https://www.epa.wa.gov.au/sites/default/files/Referral_Documentation/Newcrest_Telfer-Havieron_Gold_Project_Referral_Supporting_Doc_v1-1.pdf
Yes they can change their minds but if they want to sell Telfer and the 70% to GGP they need to get it done quickly or make the decision to mine .As soon as the decline restarts its going to move very quickly before you know it we will be mining
If Newmont want to sell there 70% is it better to slow down the development of Havieron or to try and get to production as soon as possible .The closer we get to production the higher the 70% will cost so I now think the pause in the decline will be at our advantage as we navigate around the 70% and Telfer .A producing mine is always going to be worth more than a mine in the making .Win Win Win