I have been doing a little research into the 2005 farm in joint venture between Herron Resources and Vale.
This joint venture revolved around the existing KNP resources now owned by Ardea Resources.
Of note are a few key points reinforcing what has previously said by me and others.
1 That Ian Buckhorn is (My words) Mr Ardea Resources. I did not go back any further but an email address is on page 2 as the primary contact and architect at the time. This establishes a track record of personal involvement in KNP before 2005 and ever since.
2 That Vale originally expected to spend US $68M developing the resource. We know they spent about US$ 50M on the project and walked away leaving Heron with benefit to all intellectual property.
3 The deal allowed for Vale to earn in a 60% ownership of the KNP
4 The deal capped Herron's financial obligations at 4.5% with Vale supplying loan funding for any further obligations that may arise.
5 Vale would have 100% of the Herron offtake rights on commercial terms.
6 There was also a placement of 16.5 million shares at A$ 0.75c raising A$12.35 million dollars back in 2005. That was worth a lot more than today.
The architect of this deal has Ian Buckhorn all over it, the deal was considered great at the time.
History is repeating itself, time will reveal all.
I think the big take away is that Vale recognized the significance of KNP back in 2005. that was a time when EV was inconceivable, battery power was reserved for toy trains and starting cars and trucks.
How times have changed.
As a shareholder I am very happy with the management team, especially when considering the antics on the other side.
Lets keep this thread interesting and informative.
Some of you may not wish to participate due to personal objective, please make space for us that do.
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