Have just had a look at the sale to SVG in closer detail.
Not only are Cazaly pocketing $4 million now, but if SVG buy out the other forty nine per cent within 18 months Cazaly pockets around $70 million, based on current inferred resources. After 18 months it doubles to $140 million. And only half of the strike has been drilled to date.
I?ve googled this Wong guy (Chairman of SVG), he?s a former partner of Twiggy and the Hamersley project borders FMG?s planned rail expansion.
This is a very smart play by the Cazaly Board. 49% Free Carried or at least $70 mil in the kitty within 18 months. Allows this asset to be developed, whilst the company concentrates on developing Parker Range.
DYOR
sale of hamersley
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