The joint venture terms are extremely generous for FNT if you read the detail. Its not like some of the other terms smaller companies have arranged. Bulargo will be big (and expensive to develop) and now also Likuruanga...but we don't need to spend a cent to develop them, just enjoy up to 42% of the benefit of Ok Tedi work. Given the capital costs, thats a win/win of moving to production while minimising dilution of our stock.
I don't think Peter will be kicking himself, as I assume he suspected what was there, hence he took the leases but didn't have the financial resources to develop them.
WIN - WIN
time for a change, page-26
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