Ann: Final Torrens Drilling Authorisation Granted, page-33

bliimp, sorry you are  incorrect.  I've been involved in this for a very long time, previously a shareholder of Western Mining Corp who did the drilling and discovered  Torrens and Olympic Dam.
I did business with Western Mining Corp back in the 70's as a MAJOR supplier of mining equipment to Western Mining Corp. ( I was the manager of this Mining Equipment company in the 70's, and it may well have been our equipment that was used for the drilling  ).
Some info about Western Mining Corp.
https://www.ipenz.org.nz/heritage/conference2007/papers/Ralph_Final_Paper.pdf

ARE did not sell or grant the 70% option to Straits Resources ( Now AIS).
Straits DID buy the 70%  option from Xstrada as it was part of the exploration portfolio/options of Mt Isa Mines.
Xstrada ( now Glencore)  didn't want MIM's exploration leases or options when Xstrada took over MIM and then sold all the exploration leases and options to Straits Resources.
The 70% Torrens option was just one of many leases/options in the package. Straits sold off many of these exploration licences but decided to exercise the 70% option in Torrens with ARE.
It doesn't matter how the money was spent to earn the 70% share.
THE FACT IS THE MONEY WAS SPENT.

I did explain this in an earlier post 3 months ago
https://hotcopper.com.au/threads/ann-agm-chairmans-address.3810891/#post-28501458

To refresh your memory.
The history of the deal between AIS and ARE is obviously not well understood unfortunately.
AIS previously known as Straits Resources took over the 70% Torrens joint venture from Xstrata on the 31st July 2003. As you may remember Mt Isa Mines MIM was taken over by Xstrata, the original 70% Torrens agreement was actually made between MIM and ARE in 2002. Xstrata didn't want the agreement so therefore all MIM exploration assets were sold to Straits Resources LTD in those days the ASX code was SRL
http://www.asx.com.au/asxpdf/20030902/pdf/3hwqvngrn59nt.pdf
The Torrens project was just one of many projects that Straits SRL purchased.
Some info if you'd like to know more

http://www.asx.com.au/asxpdf/20030731/pdf/3hkzptzc8v48w.pdf
http://www.asx.com.au/asxpdf/20030911/pdf/3hztl5l630w9x.pdf
http://www.asx.com.au/asxpdf/20070731/pdf/313qpr6yhfy98m.pdf
http://www.asx.com.au/asxpdf/20071214/pdf/316h49ddq7zjp1.pdf

The story about ARE buying the Torrens EL3195 tenement from BHP is incorrect. BHP got the Olympic Dam project in 2005 when they took over Western Mining. As a Western Mining shareholder at the time I remember well, Xstrata was pipped in the end during the bidding war with  BHP winning.

PLUS
https://hotcopper.com.au/threads/ann-agm-chairmans-address.3810891/#post-28503918

AIS now owns 70% of the project, just as ARE owns 30% of the project.
SRL and SRQ have I repeat have competed the buy in and as you'll note the original 70% Joint Venture agreement dates back to late 2002 when MIM signed the agreement. MIM did not pay any money at the time and it wasn't until Xstrata divested its interest in the Joint Venture that SRL and later SRQ contributed the $7 million earn in, this was done with the drilling that took place in Dec 2007 as well as the disproportionate amount used for legal fees etc .  ARE has no more ownership than its 30%, both parties will need to contribute their share.
If ARE doesn't front up their 30% in the Joint Venture then they will have a problem too.
ARE will need a SPP or another investor, whereas AIS are well positioned to fund their share from their Cu production, and with Cu at US$3.12/lb then it will be an easy task.

Unless anybody knows more about the Torrens situation, then I think its time to give it a rest.