HAV (ASX) Constructive Dialogue: Copper M&amp;A the Cupboard is Nearly Bare

Originally posted by Clark888: ↑
Recently, I came across an Aeon Metals Limited (ASX: AML) 25 November 2019 AGM presentation that included a reference on Slide 16 to Kalkaroo and a number of other ASX Listed company copper projects that I thought others on this forum might be interested in.

http://www.aeonmetals.com.au/wp-content/uploads/2019/11/2019-Nov-25-AGM-Presentation.pdf

Keys to the AML 25 November 2019 AGM presentation slide 16 (below): for each project’s column, read off on LHS scale [capital intensity (US$/tpa CuEq production)]; the green triangle on top of each project’s shaded column, read off on RHS scale [Mine Life (years)]; the number on top of each project’s shaded column represents initial CAPEX for each project [in US$ millions (A$/US$ assumed at 0.70)]:

View attachment 1917136

Based on Slide 16, the Kalkaroo project has: the 4th lowest ‘capital intensity (US$/tpa CuEq production)'; and the equal 5th longest 'CuEq mine life'.

For those that are interested, I have sourced some additional information on the projects listed on the Slide 16:

Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 Column 9 Column 10
1 ASX Code Market Cap $M (3/1/20) Project Country Open Pit or Underground Status Minerals JORC Website Notes
2 KGL 70 Jervois Australia (NT) OP & UG EIS Cu Ag (Pb) Mineral Resource https://www.kglresources.com.au/projects/2-jervois-base-metal/4-project-overview
3 SFR 1,068 DeGrussa Australia (WA) UG Producing Cu Au Ore Reserve https://www.sandfire.com.au/site/Business/sandfire-apac/degrussa-operations
4 SOL 5,192 Stockman Australia (VIC) UG Feasibility Study Cu Zn Ag Ore Reserve https://earthresources.vic.gov.au/community-and-land-use/key-site-updates/stockman-project
5 HAV 27 Kalkaroo Australia (SA) OP Pre-feasibility Study Cu Au (Co Mineral Resource) Ore Reserve https://www.havilah-resources.com.au/operations/kalkaroo/ 90% of Ore Reserve is in the Proved category
6 AML 115 Walford Creek Australia (QLD) OP & UG Scoping Study Cu Co Ag Pb Zn Mineral Resource http://www.aeonmetals.com.au/wp-content/uploads/2019/11/2019-Nov-25-AGM-Presentation.pdf
7 OZL 3,449 West Musgrave Australia (WA) OP Pre-feasibility Study Cu Ni Mineral Resource https://www.ozminerals.com/operations/west-musgrave/
8 OZL 3,449 Pedra Branca Brazil UG Feasibility Study Cu Au Ore Reserve https://www.ozminerals.com/operations/pedra-branca/
9 MOD See SFR Rhino Botswana OP Feasibility Study Cu Ag Ore Reserve https://www.sandfire.com.au/site/Business/sandfire-emea/Tshukudu-Operations MOD was taken over by SFR for $167M during 2019
10 XAM 25 Khamagtai Mongolia OP Scoping Study Cu Au Mineral Resource http://www.xanadumines.com/irm/content/kharmagtai.aspx?RID=368
11 C6C 162 Eva (Conclurry) Australia (QLD) OP Feasibility Study Cu Au Ore Reserve https://www.cumtn.com/operations/eva-copper-project/overview/ Altona (which held the Eva Copper Project) merged with CMMC for $93M during 2018
12 OZL 3,449 Carrapateena Australia (SA) UG Ramp Up Cu Au Ore Reserve https://www.ozminerals.com/operations/carrapateena-project/ Acquired during 2011 for $300M from Rudy Gomez (58%), his mates (8%) and Teck Australia (34%)
13 RXM 22 Hillside Australia (SA) OP Extended Feasibility Study Cu Au Ore Reserve https://www.rexminerals.com.au/projects
14 CVV 6 Caravel Australia (WA) OP Feasibility Study Cu Mo Mineral Resource https://caravelminerals.com.au/feasibility/
15 HCH 62 Productora Brazil OP Pre-feasibility Study Cu Au Mo Ore Reserve https://www.hotchili.net.au/projects/productora/
16 NCM 22,200 Wafi-Golpu PNG UG Feasibility Study Cu Au Ore Reserve https://www.wafigolpujv.com/project 50:50 JV between Newcrest and Harmony
In my opinion, there are not that many Australian undeveloped copper projects with JORC Ore Reserves. When copper eventually surges, due to the worldwide move to 'electrification of transport' and the 'decarbonisation of stationary power', the Kalkaroo project stands a good chance of M&A action.

Kalkaroo is of course Havilah’s flagship mineral project. Kalkaroo is the largest undeveloped open pit copper deposit in Australia on a CuEq ore reserve basis. The Kalkaroo project has a 0.74% CuEq grade based on US$2.89/lb copper and US$1,200/oz gold.

Cheers

These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.
Expand
Thanks Clark888,

I will be very interested to see how Kalkaroo stacks up once the updated PFS is completed (one day, before I die I hope). With the vastly improved gold recoveries that are being touted by management this should make a marked difference to the bottom line. Especially with gold prices more than $300/ounce higher than the original PFS, and Aussie dollar lower too.

Cheers
Justhavinago

(20min delay)
Last 20.0¢		Change 0.000(0.00%)		Mkt cap ! $65.50M

Open	High	Low	Value	Volume
21.0¢	21.0¢	20.0¢	$16.98K	81.06K

No.	Vol.	Price($)
2	29831	0.200
1	10000	0.195
1	50000	0.190
1	20000	0.185
2	55510	0.180

Price($)	Vol.	No.
0.220	11750	2
0.230	30000	1
0.240	13000	1
0.245	2000	1
0.250	15076	2

Thanks Clark888,I will be very interested to see how Kalkaroo...

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	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10
1	ASX Code	Market Cap $M (3/1/20)	Project	Country	Open Pit or Underground	Status	Minerals	JORC	Website	Notes
2	KGL	70	Jervois	Australia (NT)	OP & UG	EIS	Cu Ag (Pb)	Mineral Resource	https://www.kglresources.com.au/projects/2-jervois-base-metal/4-project-overview
3	SFR	1,068	DeGrussa	Australia (WA)	UG	Producing	Cu Au	Ore Reserve	https://www.sandfire.com.au/site/Business/sandfire-apac/degrussa-operations
4	SOL	5,192	Stockman	Australia (VIC)	UG	Feasibility Study	Cu Zn Ag	Ore Reserve	https://earthresources.vic.gov.au/community-and-land-use/key-site-updates/stockman-project
5	HAV	27	Kalkaroo	Australia (SA)	OP	Pre-feasibility Study	Cu Au (Co Mineral Resource)	Ore Reserve	https://www.havilah-resources.com.au/operations/kalkaroo/	90% of Ore Reserve is in the Proved category
6	AML	115	Walford Creek	Australia (QLD)	OP & UG	Scoping Study	Cu Co Ag Pb Zn	Mineral Resource	http://www.aeonmetals.com.au/wp-content/uploads/2019/11/2019-Nov-25-AGM-Presentation.pdf
7	OZL	3,449	West Musgrave	Australia (WA)	OP	Pre-feasibility Study	Cu Ni	Mineral Resource	https://www.ozminerals.com/operations/west-musgrave/
8	OZL	3,449	Pedra Branca	Brazil	UG	Feasibility Study	Cu Au	Ore Reserve	https://www.ozminerals.com/operations/pedra-branca/
9	MOD	See SFR	Rhino	Botswana	OP	Feasibility Study	Cu Ag	Ore Reserve	https://www.sandfire.com.au/site/Business/sandfire-emea/Tshukudu-Operations	MOD was taken over by SFR for $167M during 2019
10	XAM	25	Khamagtai	Mongolia	OP	Scoping Study	Cu Au	Mineral Resource	http://www.xanadumines.com/irm/content/kharmagtai.aspx?RID=368
11	C6C	162	Eva (Conclurry)	Australia (QLD)	OP	Feasibility Study	Cu Au	Ore Reserve	https://www.cumtn.com/operations/eva-copper-project/overview/	Altona (which held the Eva Copper Project) merged with CMMC for $93M during 2018
12	OZL	3,449	Carrapateena	Australia (SA)	UG	Ramp Up	Cu Au	Ore Reserve	https://www.ozminerals.com/operations/carrapateena-project/	Acquired during 2011 for $300M from Rudy Gomez (58%), his mates (8%) and Teck Australia (34%)
13	RXM	22	Hillside	Australia (SA)	OP	Extended Feasibility Study	Cu Au	Ore Reserve	https://www.rexminerals.com.au/projects
14	CVV	6	Caravel	Australia (WA)	OP	Feasibility Study	Cu Mo	Mineral Resource	https://caravelminerals.com.au/feasibility/
15	HCH	62	Productora	Brazil	OP	Pre-feasibility Study	Cu Au Mo	Ore Reserve	https://www.hotchili.net.au/projects/productora/
16	NCM	22,200	Wafi-Golpu	PNG	UG	Feasibility Study	Cu Au	Ore Reserve	https://www.wafigolpujv.com/project	50:50 JV between Newcrest and Harmony

Thanks Clark888,I will be very interested to see how Kalkaroo...

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