Member Info for lebugue-addick

H2 update from Rio today. They seem to be in a right mess at the moment even blaming the exceptionally wet weather in the Western Pilbara, dealing with indigenous issues, covid and getting staff with the right skills. Paraburdoo is some 730km SW of Telfer.

Interesting that you don't hear Newcrest headlining the weather as a major issue - yes they mention it has had some impact on drilling at Havieron which we all know about, but they don't go on bleating about it. Would have expected a more mature response from Rio tbh.

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"Pilbara operations

Pilbara operations produced 152.3 million tonnes (Rio Tinto share 126.9 million tonnes) in the first half of 2021, 5% lower than the first half of 2020 due to above average rainfall, shutdowns to enable replacement mines to be tied in, processing plant availability and cultural heritage management. Ongoing COVID-19 restrictions and a tight labour market have further impacted our ability to access experienced contractors and particular skill sets".


"Sustained wet weather had an estimated impact of around 3 million tonnes in the first half. Consistent and above average rainfall impacted mine operations, particularly at West Pilbara and Robe Valley operations. The recorded rainfall days were 30% and 70% above the five year average at Paraburdoo and Karratha respectively, while rainfall at Pannawonica was 60% above the five year average".

Anyway, back to the Byrnecut info. We learn from their website that the Contract Type is described as "Cost Reimbursable with KPI Based Margin". Be interesting to hear what performance incentives have been built in. They seem to be doing ok so far and Newcrest have used the company before so there must be a good working relationship.

Contract Duration: January 2021 - October 2022

I'm ok with all that. Not sure what the fuss is about.

Loggy - you will be worth your weight in gold

Thanks Jiffy, much appreciated

l-a

Jiffy would you care to share if you would be so kind?

The best way to value a mining asset or company is to build a discounted cash flow (DCF) model that takes into account a mining plan produced in a technical report (like a Feasibility Study). Without such a study available, one has to resort to more crude metrics.

Hence the debate is premature. No account has been taken of cash and what GGP does with it (re-invest in further licences, return cash to investors etc).

Are we still waiting for these 2 new license applications to be approved - RNS 30 March 2021? I have been on to the WA mining website but not found anything. Seems quite a long time for what were meant to be straightforward applications

Application for new exploration licences at Ernest Giles after internal review identifies compelling structural targets

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, announces that it has lodged two applications for new exploration licences adjacent to existing licences at the Company's 100% owned Ernest Giles project in Western Australia.

The two Exploration Licence applications of Mount Smith (E38/3612) and Welstead Hill (E38/3613) cover a total area of 1,070km2 and join existing tenure at the Ernest Giles project located approximately 250km north-east of Laverton in the goldfields of Western Australia.

https://www.lse.co.uk/rns/GGP/new-licence-applications-at-ernest-giles-project-37nks6kv4uofri5.html

..and only around 56 days using the closing price with UT

cjm - there always seems to be a cryptic undertone to your messages, even when you are wrong. Let it go - just sit back, relax and enjoy the football later

Can they drive a coach and horses through that policy?

Just sayin', mischievously

hydro - has cjm publicly apologised - I have not seen it

Jarvis would be holding PI shares in nominee accounts I would think. Doubt whether they have any investments of their own.

In the 6 November 2019 RNS GH was very enthusiastic about the prospects in the Patterson Range East and SD has been equally quick to take up the mantle so hope all goes according to plan "even if we find half a Havieron". Goliath seems particularly exciting.

GLA l-a

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RNS extract 6 Nov 2019

·; Eight high-priority targets have been identified following modelling of detailed magnetic and gravity data, including four primary targets:

o Goliath: Originally identified as a very high amplitude, bulls-eye magnetic feature in Greatland's recent aeromagnetic survey, new data shows a very large amplitude gravity anomaly semi-coincident with the magnetic anomaly.

o Los Diablos: A bulls-eye, high intensity magnetic anomaly located in a structurally favourable position with a gravity response of moderate to high amplitude coincident with the magnetic feature.

o Prefect: A high amplitude magnetic anomaly with a semi-coincident moderate amplitude gravity response.

o Atlantis: Characterised by two distinct east-west trending high amplitude magnetic anomalies on the western edge of the tenement, new ground gravity data has defined three target areas within Atlantis.

·; Mobile Metal Ion ("MMI") sampling has been completed at 200m by 200m sample spacing over all key Paterson Range targets. MMI results are pending and will be incorporated with latest data sets to prioritise targets for further geophysical work and drill testing.

·; Limited historical drilling was conducted in the early 1990s at each of the four primary targets but drilling failed to adequately test these targets with most holes too shallow to intersect the modelled anomalies.

Gervaise Heddle, Chief Executive Officer, commented: "The results from the recent geophysical surveys at Paterson Range East further advance our knowledge and understanding of an underexplored part of the Paterson which has outstanding potential to host tier-one gold-copper deposits. In particular, the Los Diablos and Prefect targets share very similar geophysical characteristics to Havieron, and appear to be under significantly less cover than Havieron.

"Our systematic exploration programmes across the Paterson Range East and Scallywag prospect areas this year have successfully highlighted a dozen high-priority targets. We look forward to advancing this exciting set of opportunities as we continue to accelerate our exploration activities in the Paterson region."

Now make your mind up - we have a strong ramp and a swift decline.

Oh I see it's both. Confusing stuff this mining business.

GLA l-a

Only traders would set sell limits that low. The real gains will be seen a few weeks away

Redtrader says:

"Many have a limit set waiting to buy as low as they can". Have they?
"Many refusing to sell cheap". Why would they be selling anyway?
"Will any buyers step in before tomorrows ramp up as sellers are drying up". Blimey that was inciteful!

yes the kangaroo had a spring in her step today - now where's the esky with my tinnies, ready for H2 football

Oh go on then since we are in a more upbeat mood today:

There's a man who's sure all that glitters is gold
And he's buying a stairway to Hav'ron
When he gets there he knows, if the ores are all closed
With a word he can get what he came for
Ooh, ooh, and he's buying a stairway to Hav'ron

Indeed, we are no longer dazed and confused

Viking - mine too! I was waiting for someone to mention a stairway to Havieron!