BHP Pullout13 Mar 2009 11:44
Why have BHP pulled out:
1) License revoked - NO. RNS announcement would have said so NOT 100% interest.
2) Row between BHP and DWY - UNLIKELY. BHP would have scewed them over for the 10% returns.
3) BHP poor management decision, scalling back operations - POSSIBLY
4) BHP realised not worth it (for them) - MOST LIKELY.
However, What you have to realise is that from start to this date, some 18 months BHP fully funded for ONLY 10% return. That is one of the worlds biggest miner thought THIS WAS WORTH 100% INVESTMENT FOR JUST 10% RETURN on this site.
Also remember, DWY is a small time with market cap of JUST 6.6m. They can pay for rest of funding from CASH RESERVES and still have £6.8M left over. On 28/02 they had AU$15.75m cash (therefore NO RIGHTS ISSUE REQUIRED!)
Even if yield / difficulty, etc, etc and BHP realised it's not worth if for them... IT CERTAINLY IS TO A SMALL CAP COMPANY LIKE THIS. This puts them on the big boys map!
Also look at the previous data / drilling results ALL information released to date is positive and good news.
Even if problems are underlying bit more than first appear then DWY will simply announce a further Joint Venture as there would be loads of companies interested.