I take your point, but Frewena proved to be too big and complex for a small player - no doubt BHP would do it justice.
IMO it was really just a plaything for our geos, who had already tackled other oversized projects in Chanape and Riqueza. They took the 1 in5020 10 chance, when for SH's sake they should have been more conservative.
Today I researched ENR Encounter - who has a JV in the north Barkly region with BHP - yep, IOCG and sedimentary hosted Cu and all that stuff which Frewena boasts. Also JVs with South32 and IGO, and some 100% projects themselves. The really interesting thing is to look at the composition of their board. I'll leave it there for anyone interested. ENR gets a tick for its cap and cash but several caveats on an early entry.
For ICG, its a buy for me because of its low cap and cash - but it too will wait for my top up for certain eventualities.
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