My contribution to the debate is that the problems that beset both Forge and RCR were very different to the risks and opportunities presented to Primero via this contract so the accelerated growth factor is a common theme but everything else is different.
Primero has some very talented engineers who have worked for a long time on this design, so now the risks for me are all about execution in a brownfield environment and can we access the right skills and materials at the right time to mitigate delivery risk? The scale is almost an order of magnitude bigger than the norm for Primero, so I hope we’ve attracted some very experienced delivery people to manage this one. That’s why I am so interested in the potential downside risk associated with the incentivised target price - how will the base fee be moderated by performance? By lots or just a little bit?
Ann: Primero awarded EPC contract for KCGM Growth Project, page-40
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