Ann: OZL: OZ Minerals' Option to Acquire Kalkaroo Copper Project, page-100

I don't mind talking about it and I have a bit above but why are you so interested in the iron ore? As far as I (and most fund managers) see it BHP & Rio produce at say $40/tonne and have massive infrastructure t mine it including electrified/electrifying trains and mining units etc. China does not want to import iron ore at it's prices and is doing everything it can to get an alternative resource like Simandou in Guinea up.

HAV has struggled to mine anything for a couple of decades. They got a very simple gravity gold resource up and mined it to show they could but that was done mainly with their mining contractor as a partners know-how. HAV is essentially a geological exploration firm and is pretty good at it(like Minotaur). Monetizing Kalkaroo for them was seeing the light/ bowing to reality.

Yes, they fly the flag and say hey me can mine! However, I think the reality is what I said above and long-term shareholders have suffered to realise that The two geologists on board the who own a substantial (blocking) shareholding are not interested in changing that.

As far as I'm concerned the next actually big piece of the jigsaw si Mutaroo. It has grades and "future-facing" elements needed. It has some complexity with that but I'm pretty sure some, more entrepreneurial and /or less risk averse foreign company, will be prepared to take that on due to the size of the prize. Especially with the Kalkaroos monetizing example. AS an example of what Mutaroo holds a few years ago Sulphur because really high priced. Sulfur for sulphuric acid was nearly enough to drive the exploitation (development) of Mutaroo.

Actually, I suspect a driving factor in the Kalkaroos deal was that the geos in ownership are getting old one had already retired and got hands of the board the second is not far behind. I think these guys are now ready to stop pffafing around with these projects and be prepared to deal the projects. You know HAV has tin as well plus the U and the evergreen geothermal!

My last post on the subject was moderated ostensibly for using a swear word. I think it was just because someone didn't like waht I had to say. YGT- You get that.

Anyway, people can come for the Kalkaroo and stay for the rest. I've just (re)taken a 5 year view on the Cu and to get close to mining.


All IMVHO.