Not surprising to anyone as First Quantum aren't going great at all, since their Panama cash-cow mine closure, and have been cutting costs everywhere since then.
As much as it would be great to keep 100% of the Ni-Cu-PGE that was JV'd with FQ, they can't afford to drill so many projects and looks like they'll JV it to another Major shortly:
With the money spent by FQ and the work done to date through the JV, hopefully means that DRE will get a JV at least on the same terms as with FQ, if not better, and maybe an upfront cash payment would go down nicely too?
See what happens.
Should be boots on ground next week and discovery drilling starting the week after, for the gold.
Cheers,
GB.
Ann: Mangaroon Ni-Cu-Co-PGE Reverts to 100%, page-13
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