Ann: Phillips Find Approved, Mobilisation Underway, page-14

I note the mining agreement here is same as previous burbanks jv which failed based on miner and toller not making any money on 4000ozs.

There is no efficiency target here. Sharing net profits 50/50 after costs means FMR and BML can be the most inefficient contractors in the world. We need to know what the agreed contracted AISC is, not simply 50/50 after costs.

BTW will the JV be audited, the Burbanks jv was not. Once bitten twice shy, this doesn't sit nicely as it has been ann.

PS I am happy it is moving and burbank and nimbus to follow but guys we need to get the contracts correct first.