Member Info for mattlilly

Gardening leave since March...?

Pretty useful for Alpala and other projects...

Project Director: BHP Billiton Contracting Arrangements
Dates EmployedAug 2006 – May 2007
Employment Duration10 mos
Responsible for establishing a common framework, standards and leading practices covering the management and engagement of contractors that work across BHP Billiton.

Olympic Dam President and President South Australia
Dates EmployedOct 2012 – May 2015
Employment Duration2 yrs 8 mos
P&L responsibility and Growth Strategy development for Olympic Dam.

The Olympic Dam mine works an extremely large iron oxide copper gold deposit with estimated reserves of 2.95 billion tonnes of ore grading 1.2% copper, 0.04% uranium, .5 g/t of gold and 6 g/t of silver.[47]

The Olympic Dam mine is a large poly-metallic underground mine located in South Australia, 550 km (341.75 mi) NNW of Adelaide. It is the fourth largest copper deposit and the largest known single deposit of uranium in the world. Copper is the largest contributor to total revenue, accounting for approximately 70% of the mine's revenue, with the remaining 25% from uranium, and around 5% from silver and gold.[1] BHP has owned and operated the mine since 2005. The mine was previously owned by Western Mining Corporation.

Since it opened in 1988, an extensive underground mine, an integrated metallurgical processing plant and expansive open-air tailings storage facilities have been constructed. The adjacent Olympic Dam mining centre and the nearby township of Roxby Downs service the mine and accommodate its workforce.

BHP planned to expand the mine by establishing a new open cut pit and building extensive supporting infrastructure. In 2012 the expansion was postponed indefinitely pending investigation of a "new and cheaper design".[2] As of 2013, Olympic Dam is the second largest uranium-producing mine in the world, having produced 4,100 tonnes in the financial year ending June 2013.

The deposit was originally discovered by Western Mining Corporation in 1975 near Roxby Downs Sheep Station and production officially commenced in 1988. It now belongs to BHP, which acquired WMC Resources in 2005. The mine currently operates by an underground mining method called sublevel open stoping, using modern and highly productive mining equipment.

Vice President Operations
Dates EmployedMay 2004 – Aug 2006
Employment Duration2 yrs 4 mos
Responsible for 63Mtpa ROM production from a mix of open cast and underground operations with approx 10 000 people.

There is such a load of tosh spouted on here by people with minimal major company and no PLC experience...!

I wasn't told a name Jerry...

There are several interesting aspects to the appointment...

Another Oz...must be known to NM and BM...? Placeman...?

Only appointed as a NED to Arafurah 2 weeks ago...not necessarily a problem..may have triggered the decision....very common for PLC CEOs to have NED posts elsewhere for developmental purposes...

https://www.marketscreener.com/quote/stock/ARAFURA-RESOURCES-LIMITED-6500561/news/Arafura-Resources-Limited-Appoints-Darryl-Cuzzubbo-to-Board-as-Non-Executive-Director-and-Resignatio-36855155/

Why did the HR Exec leave...? Did they disagree? Was there a top candidate that the Noms Committee (i.e. NM/BM) couldn't agree on and Darryl is the compromise candidate...?

This reads very strongly as a Headhunter appointment. Ticks a lot of boxes;

Right age/time in his career 48
Mining
Major project management
Very definitely a business process guy
But minimal apparent experience in dealing with major investors/CityPr/Media?

Here's his LinkedIn profile, which shows that he knows Kevin O Kane very well...

https://www.linkedin.com/in/darryl-cuzzubbo-850775b6/

Kevin messaged him about the Arafurah appointment only 2 weeks ago...

https://www.linkedin.com/feed/update/urn:li:activity:6859609925677658114/?commentUrn=urn%3Ali%3Acomment%3A(activity%3A6859517299322433536%2C6859609909575741440)

Win win for Darryl...

He either gets plaudits for delivering major projects at Solgold or...

Walks away with a big chunk of cash in his pocket and no harm to his CV if SOLG get taken over...

It will be interesting to see how man y options he gets and at what exercise price...

And there is a table for Tandy detailing exactly how much they could recover through open pit mining...

Sorry if this is already posted, but there is a revised Presentation on the website also.

Meanwhile, apart from new drilling information that others are better able to interpret, I lighted on this in the MD&A...

"several high priority copper and gold porphyry resource targets...have the potential to reach resource definition and feasibility levels in close succession or even on a more accelerated basis ...than the company's Alpala...project..."

Thats significant mwv...because I was told 8 Dec...

Except that they detail all the up to date drilling progress, though not necessarily with grades, depending on the state of assays...

Another Monday...still no RNS...

SB 2 this week...MD&A and AGM notice...

Plenty to read through in both...

mog they're still targeting the DFS to follow shortly after the PFS

MOG I think Keith has been saying Q4 or end of the year for months now.

I told the Chairman they must NOT miss that deadline if they want to retain any credibility...

Remember Colonel there are supposed to be 'Chinese Walls' between Auditors and their consultancy arms...gone are the days when 'ancilliary' services were routinely offered...

And anyhow, what you are talking about would fall nicely into Citi's services...

Maybe we'll all end up friends having a big reunion party and fat bank balances...;-)

rcgl you dont need Directors with such experience if you have a CEO with the capability together with KOK and KM appointed for their own mining experience.

Things would be very much easier however if we hadn't p****d off BHP and NVM and managed to draw on their experience if they each had Director on Board...

Remember Craig Jones didn't want to leave when NCM pulled him which is part of the reason I've postulated him as a CEO, together with his block caving understanding...

I agree zoros... that is the easy way to monetise and reduce the risk of an unwanted bid...

Indeed I said as much months ago, but I think things have gone too far...

Nothing sinister in this. Moving to one of the worlds top firms.

Perfectly normal to review every 3 years...BDO 8 years to date.

BHPCANNOTtake over the Board...only 4 Directors to reelect. Did any of you read this from 5Nov?

Second question?

Do you really think BHP could appoint four, three, two or even one Director?

It may well be that they still have a right to one Director, as do NCM and I would be very happy to have both back on Board, because they bring an extraordinary wealth of understanding and insight to a company that aspires to be a mining company to challenge the majors.

And if they were BOTH on Board, wouldn't that allay any fears of BHP muscling through a takeover?

Which is preposterous anyhow.

So how could BHP get two or three Board Members.

First, understand the process"

At least two of the existing Directors would have to be voted off:

That means two of LT, BM, JW or Keith.

There is no way the major shareholders would vote against Keith, because he is independent. He may have been perceived to disappoint with this year's progress, but I say again, why issue a raft of great news when you have no CEO?

So supposing LT and BM were voted off.

BOARD APPOINTMENTS ARE RECOMMENDED BY THE NOMINATIONS COMMITTEE AND APPROVED BY THE BOARD.

Unless BHP put up two candidates at the AGM. They would have to be nominated BEFORE the AGM papers went out otherwise they couldn't be considered.

That leaves just 12 days from now...

You CANNOT 'muscle' your way onto a Board as some would have it, so lets return to the process.

If BM and LT were gone, that would leave a Nominations Committee of KOK (Chair), MAA and NM, so...

NM could not block an IMMEDIATE CEO appointment and

If the Board moved quickly to fill those places, the obvious candidates would be Elodie and JC, leaving a Nominations Committee dominated by Ine=dependent Directors.

Does anyone seriously think they would entertain BHP Director nominees beyond the one they are entitled to?

So FACT. BHP CANNOT muscle onto the Board and even if they got FOUR Directors (which is the biggest number I've seen on here) they would not be in a majority at present, but also there would be nothing to stop the Nominations Committee and the Board approving three further Members - two independent plus the new CEO.

And on the Board of Directors, if BM and LT were voted off, the composition would be FOUR indeopendents plus NM, JW and JC.

The new Chair would HAVE TO BE one of the existing independents.

And even if BHP got one 'entitlement' Director, the new composition for the time being would be:

KOK, KM, MAA, EG, JW, JC, NM and BHP...

HOW ON EARTH could BHP force through additional Director appointments and ESPECIALLY an unwanted bid unless JW, JC and NM ALL supported them.

Is that likely to happen? You decide.

BNC I DO NOT want BHP to take over, but I would happily take Barrick at £1/2...

Copper pot...I want the 'old' Board out...dont you read anything I post...

BM, NM, JC!

I want to keep KOK, MAA, ED and KM...they've transformed the corporate governance and brought sanity to the PFS process after years of overpromising and under delivering...

The SP was 46.5p in May 2017...have you forgotten that Mather was predicting a PFS in 2019...?

I do NOT want BHP to have this, but I have lost patience with the way SOLG is being held back by people who wont let go and have THEIR own agenda!

Which is why we STILL dont have a CEO, 3 months after there was only the ts and is to be crossed and dotted...

Can you blame BHP for also wanting a return on an investment they made at almost twice this price...?