Member Info for Jerryspaniel

Yep, the telfer processing mill needs to pay its way, otherwise why have a processor at all? In time it will be processing lots of ore from many mines and the late arrivals will be paying a lot more than 10%, due to the monopsony that Newcrest have.

Quady, the more you write, the more ridiculous you come across. If you want to improve your credibility, which at the moment is zero, I would stop posting.

Blantyre, nothing mentioned specifically, though both SB and Shaun mentioned that the decline was accelerating. I expect we will hear something when we get the next drill updates. Probably not 850 yet but I am sure we will be over 600 by now.

Due to either a lack of knowledge or interest or perhaps because some have very small investments there are many on here who fail to understand the various clauses, agreements and jvs. I would definitely recommend TT and ace chasers comments about 3pm today. For me they have a good understanding of todays events.
For MJ, yes it’s harder to raise debt when it’s subordinate to NC, but it’s definitely not impossible. Shaun has been talking about this since last December and has maintained a very confident attitude throughout wrt debt. As you would expect from someone who has consistently been ahead of NC every step of the way, he will have talked to the banking syndicates about borrowing based on 30% and talking a subordinate role. Shareholders should have complete confidence and the shorters should rightly be afraid. This is his home field advantage.
I also think that we will have an ASX listing by the new year and this fund raising may either be used to fund exploration or be used to fend off any NC development surprises. Again a wise move to cover all possible outcomes.
The NC debt won’t need repaying until we are producing and I don’t subscribe to speedys view that libor will hit 10% as no government will get re-elected if rates go that high.
So, on balance, it’s been a truly brilliant day for all those who vision is of GGP being in control of its own destiny with a pathway to income, profits and maybe even a dreaded dividend! Best day since Shaun has been in charge.

Quady, I will obviously have to spell it out to you.
You said that NC said they were not sellers and comfortable with their holding in Solgold, in the last year. RK proved to you that it was said in August 2020, so two years ago. Presumably you still believe what was said two years ago, holds good.
You also don't understand the difference between renumerate (essentially re-counting, but not really a proper word at all) and remunerate (payment for work done). You can hide behind mild dyslexia if you choose, but most dyslexics would choose spell and grammar check if only to reduce the ridicule.
NC are sellers of Solgold at the first sign of a corporate buyer. IMO.

I see that Quady, who likes to 'renumerate', has just renumerated two years ago to 'within the last year'.
With such deception and no remorse, a new career in politics beckons.

Quady, did the NC CEO say one word last night about Solgold? When was the last time he said they were content to hold onto their stake in Solgold? After how many months/years does what a CEO say become irrelevant?

Firstly I dont think that the 85m offer could have been accepted after the 60m value was known. They were two different moments in time.
Secondly, as the very wise Bamps has said, NC is relatively strapped for cash and their hurdle rates may have gone up with the competing demands for cash - from Brucejack, Red Chris, Lihir, Telfer and their shareholders. The last one is probably key, as SB alluded to. They want divis rather than buy 5% for 60m when they have 70% for 65m. But its a daft decision made by a desire to placate shareholders rather than do the right commercial thing.
Its a wonderful outcome for GGP and I am absolutely delighted. Shaun will now be able to go on the offensive with a bigger asset behind him.

We still have the $50m loan. So rest in debt or maybe asx listing.

Sandfire

Cobre

There is a maxim in the oil industry that you 'explore with equity and develop with debt'. I think that holds true in gold mining too. Of all the issues that SD faces this is the one that he should be most qualified to deal with and so I am entirely relaxed. He appears to be covering all the bases by flagging up, debt, equity issuance in London or an ASX listing, and possibly the acquisition of a producing asset, while getting rid of any financial commitments in Tassie.

Fort/CD, its an interesting thought process as to what BHP might do. They have said they would like to get into more copper and nickel. I dont recall them saying they want gold. NC doesnt have that much copper in comparison to their au reserves. So its unlikely BHP would want NC in toto. The thought that they could persuade NC to sell them their Solgold stake in return for some commitment only has merit if NC feel they could be threatened by BHP. Personally I think RIo more likely to want NC, but I do see NC selling out to BHP should the latter want it. I think NC will support BHP in any communication with Solgold but thats more because Sandeep aint no Mather fan, and imo, a nasty piece.
Since NC bought into Solgold so much has changed for them and they have caused displeasure amongst their s/h by buying assets in NA. So a sale of their Solgold stake will be far more positively received by their instos than a bid/jt bid will be. NC do have a few expenditure commitments coming up so freeing up some cash for core businesses will be a great solution. Solgold barely gets a written mention in any of their dox, and gets absolutely zero verbal comment.
And for Quady, any comment made by a company over a year ago is worthless and they dont need to issue an RNS just cos they changed their mind.

Yes thanks. Written them, signed them, when I was main board director of two plcs.
Insider laws are very simple. You either have non public, price sensitive information or you don’t. You don’t appear to have any, just an opinion, which may or may not be right.

Ooh a bit touchy RK. I didn’t accuse, I posed a question which you answered. Up to others whether they believe you or not. I will keep my own counsel on that.
For all things that you can’t divulge, I just hope that those that impart the information tell you that they are making you an insider, cos you obviously think you are.

RK. If you have information that you can’t share, how did you think it was ok to sell 200k shares?

He appears to be off to do some counting, otherwise known as renumeration... Maybe to renumerate the development costs from 2 billion to 5biliion...
Its a quiet day....

Quady, have you ever been renumerated? If so why?

Socialist. While I might agree with your sentiments, business is tough and uncompromising and NC are only doing what most other organisations would do in that situation. Look after their shareholders best interests.
Unless and until there is another processing plant in the region (Rio at Winu?) NC should always be in a better position on any JV negotiation. So if we were to go it alone on say a small Scally discovery, we will still have to process the ore at Telfer and that will be at a lot higher cost than cost +10% imo.
So we will just have to deal with NCs monopsony power and just hope they dont abuse it. Too much.

Socialist. I am pretty sure that GH answered a question of mine that the Juri JV was a condition of the loan agreement. We couldnt get bank debt at that stage so the alternative would have been a huge amount of new shares issued.
But besides the cost +10% clause, I dont think GH played his hand that well. If he took advice, it wasnt that great, but I think he realised he was way out of his depth. The change in the 5% from FS to PFS was a terrible decision but that too might have been a condition of the loan. I think Scally wasnt included as it was in the process of being drilled at the time.
Having met SD a few times now, I think he is of a completely different calibre.
I think you need to look forwards with SD not backwards at GH.