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Yes exactly. We could drill it ourselves for a start and hopefully get some really good results and then put a JV out to tender.

But we might not do anymore JVs. Or if we do they won’t be generous as Hav.

Joe. We own 30 % of Hav but 100% of all the others. So I think you’re a bit light on your estimates.

Will it be a joint MRE ?

I tend to disagree. It has to be a good offer of else we won’t accept it. But any offer has to be supported by an MRE for their shareholders to support. So I think they could make an offer of cash upfront with a future royalty on production. Say half a billion cash and $100 per Oz.

Maybe it's just for HAV !

That’s what I think. Definitely.

Very interesting article. Two points.
1. The updated reserves were more than double the pre feasibility report after 2 years.
2. The incredibly low AISC. The margins must be quite sensational.
If Havieron is similar to Cadia then it makes sense to keep the 25% and take the profit.

I'd sell Hav but only at a good price, which could be structured in a number of ways. But no way would I sell all of GGP.

Sure I'd like a few million in the bank from Havieron, but I would want to repeat all that excitement of finding gold in the other places. Scallywag, Blackhills............ That's just me though...

O2. You did ask the question !

Because they will then get 100% of the profit !

I certainly haven't forgotten about Scally. Could be bigger than Hav and we still own 100%.

T l ok. Hadn't seen that before. Any idea what a feasibility study costs ?
So what happens after the FS?

Thelearner. Sorry but I can't see anywhere that it says GGP have to contribute to the feasibility study. And what would happen if GGP didn't have the cash to contribute?
Whatever the situation I think GGP are in great position and NC need to act fast !

Absolutely agree. NC's best option is to make a very good offer for the 30% and also sign up for a JV on Scallywag. (not so generous this time).

the learner. I have only looked at the projects page on Paterson. But it does say highlights. I haven't gone back to the RNS. But the main point is the timeline. The fact that NC have charged ahead doesn't, I think, oblige GGP to that accelerated time line.

Who did they buy it from? Don't think it was NC.

Just looked at the JV as shown on the GGP website. Not sure I agree with you on GGP's liability re Stage 4.

But my main point is that NC has rushed ahead with the JV in about 18 months (they had 6 years) because they need it to keep supplying Telfer. There is nothing in the JV that binds GGP to any timescale as far as I can see. That's why I think GGP are in a great negotiating position. I am sure NC will make an offer for the remaining share, probably after the MRE. But GGP can take their time in negotiations. Or they just turn it down if the price is not right! What does NC do then ?

Try this link

https://www.thetimes.co.uk/article/fad1c73e-8be7-11ea-8030-261bf7d8ac38?shareToken=8137ff5c9ed028980d50788834e42db6

What happens when Newcrest have spent all the money ? I can't see there's any obligation on either side to continue the drilling programme. Although Newcrest will be desperate to because they need it for Telfer. GGP could move on to Scallywag or Blackhills. Kind of puts GGP in a great bargaining position, don't you think ?