Admittedly, those were based on the old resource, nonetheless HAV should have a pretty good idea of what the outcome should be.
The announcement states: "This will be very much a co-operative effort with Wanbao bringing its extensive copper processing expertise to the table and Havilah contributing its resource and mine planning knowledge of the Kalkaroo deposit."
HAV are actively involved so I can't see too many surprises to the downside coming out of it. Wanbao also appear to be serious about developing mines and, considering where their other mines are, I would've thought a mine in Australia would be a welcome de-risking exercise for them.
"To me this seems like there aren't too many potentially interested parties and shareholders will be left in the hands of the Chinese in the long run which hasn't proven overly successful for many an ASX listed company"
The project has a fairly long history (including being up for sale at one stage) so the company has already shown they're prepared to walk away if they can't get a good deal. The MD is also a big holder, modestly paid (rare in this sector), seems to be a hands-on sort of fellow with lots of common-sense.
The company is also not without options regarding other projects with more modest capital requirements (Nth Portia) as well as having developed a "plan B" for Kalkaroo that involves a lower cost start-up option.
They've also had a previous Chinese partner with another project that came to nothing.
Finally they have a very patient shareholder base (maybe a bit too patient).
But yes you are correct. There was a day shareholders used to high-five when the Chinese came aboard. Those days are long, long gone.
PS: the previous study showed the project was pretty robust. (Being copper/gold they can act as a kind of hedge). And if my memory serves correctly, didn't take into account other potential metal revenue streams such as the cobalt or molybdenum. Happy to be corrected if I'm wrong here.
(20min delay)