Member Info for Culpepper

That’s why I think there may be some merit in thoughts of it being easier to acquire Ggp than prise away the future income supporting exploration and development. Can see shareholders voting for a premium rather than shooting themselves in the foot as things stand.

It’s all borrocks, of course.

‘The word’ then, is open to all options. There’s a thing.

I think they’re pretty clear, on where their considerations lie.

Havieron is an asset forming part of what Newmont describes as their value accretive organic project pipeline, with optionality around sequencing and the timing of development capital spend.

Question is, in my view, would they rather commit cash under their strict capital control policy to developing Havieron, or something else falling better into their sequencing of events.

All that stuff goes to show how Ggp are so reliant on cash flowing from Havieron production.

He’s given his thoughts. Not intended as gospel, though some may choose to do so.

If he’d said it was overvalued at 30p, he would have been a troll trying to get in cheaper.

Newcrest spent a lot at Telfer. Would have made I think 80mil or so Aus were it not for losses on hedging. It’s forecasted live until 2025, and I wonder what more can be squeezed out of it, with the possibility of an increasing gold price.

I think the MFR is applicable to those who run out of cash.

Newcrest has regularly updated Telfer mine closure plan. As stated, it has made a total provision. I also cannot find an individual Telfer figure. I read costs are generally increasing.

On Telfer value, it is additionally mentioned in Newcrest annual report thatTelfer is complex. Telfer FMV particularly susceptible to change with the price of gold.

I guess if there are negotiations around it, there will be differences in assessing value. But if Newmont want to shift it, they may be open to a ‘deal’, rather than being diverted from their favoured projects.

One can’t be sure, but 14th. Sept. indicates to me that there is sufficient funding available through at least 2024 as things stand today.

Excerpts.

At financial year-end on 30 June 2023, Greatland had A$59 million (approx. £31 million) in cash reserves (unaudited) available to fund ongoing activities. The addition of the Facility provides enhanced financial flexibility for Greatland while the Havieron Feasibility Study, underground development at Havieron and exploration in the Paterson Province continue to progress. The Facility is available to December 2024 and is undrawn. The key terms of the Facility are detailed at the end of this announcement.

 

The Letter of Support remains in place for a A$220 million seven-year Havieron project finance and associated hedging facilities with its syndicate of leading banks, Australia and New Zealand Banking Group Limited (ANZ), HSBC Bank and ING Bank (Australia), as announced in its RNS Announcement titled "Havieron Debt Funding Update" dated 30 May 2023.

 

In combination, the existing cash balance, Wyloo Facility and the existing Letter of Support provide strategic and financial optionality for the Company.

Greatland Managing Director, Shaun Day, commented: "We are delighted by the continued support of our cornerstone shareholder, Wyloo. The A$50 million unsecured facility provides additional flexibility for funding requirements through 2024, including completion of the Havieron Feasibility Study.”

Tom. You have taken objection to my 1356 post.

On that basis I think it is you in need of a little lie down, for one reason or another.

Tom. I think you’re on the best stuff.

Actually you are trying to pull my chain.

I’ll let Newcrest pull yours.

…… it is expected that the Scheme will become effective on 18 October 2023 and Newcrest shares will be suspended from trading on the ASX from the close of trading 26 October 2023.

Implementation of the Scheme is expected to occur on 6 November 2023……

Well, there you go chaps. Newmont buying Newcrest is speculation. So back off.

Well, it’s only me he’s talking to. So you can carry on.

I know Newmont are not buying Ggp or it’s 30%.

It is not speculation that Newmont are buying Newcrest and therefore 70% into the JV.

I have a takeover being effective November.

I don’t know what you been listening to. Not much from the sound of it.

Tom. Why What? What final contract are you talking about? If it is you think the court will not approve the scheme of arrangement and that Newmont won’t finish up buying Newcrest, I think it likely yours is a minority voice.

The 5% matter was entirely different. Mr. Day represented Ggp shareholders interests as against those of Newcrest’s shareholders on the price of 5%.

The MRE data is common to both.

We are in the position of being junior, Newcrest not issuing a MRE, and Mr. Day saying he will complete one for Ggp shareholders, representing our interests. My guess is that his action is intended to jolly now Newmont along, agree and authorise a MRE, published contemporaneously, and satisfy both sets of shareholders.

In the end you just got to accept that ultimately Newcrest/Newmont run the Havieron flagship asset, and control releases like today’s.

YNWA. Thankyou. I understand what you are saying. That sort of sequencing/timing would seem rather squeezed up together is all, seeing I think it fair to say a MRE was apparently expected from Newcrest as aligned by Mr. Day in August.

But I accept he is now obliged to fall in with Newmont.

Dip. Thanks for that.

What has changed in the RNS if it is meaningful is the wording. The last talks of completion, whilst the one before included publication this quarter.