Ann: Havilah-BHP Kalkaroo Work Program Update, page-43

BHP is working to get the AISC down with several streams most notably the grinding refinement and ore sorting and mining. I think they will.

This plus the extra gold will translate into a different pit shape maybe calling for a stage 2. The economics stack up on IRR and will be better given the current Au and prices of CU & Au relative to the previous feasibility. If they don't develop it themselves BHP may use it to horse trade with another company either way they will be taking up the option.

BTW: I've been through just this process with West Musgrave, Nebo- Bable, where Cassini did the base work, on OZL took up the option and now BHP have it. They are going for the Ni but the Cu on the side as well I'm sure.

(A decent part of the thousands of posts I have were on that, between when I was initially in HAV and now came back.)


All IMVHO