What’s CBE Worth, page-767

Thanks PW.

Yes MTR had to sell up to MOD in order for the SFR deal to go through. (Don't think SFR will ever forgive MOD for allowing the net smelter royalties that MTR came away with though!)

With the sale of their 49% of KML to CBE, MTR were between a rock and a hard place IMO. They're not direct explorers themselves but help fund exploration while also investing in the projects. Like they found with the with the MOD JV, exploration and drilling is a very expensive operation, and while KML was getting close to good results at KIT-E the big intersections were frustratingly just not there. So time to let keen as mustard Martin Holland and Cobre take control.

Ironically, I don't personally think that had MTR remained on board that they would have drilled the NCP targets first, being more interested in the area just south of T3, but that will be the subject of many a future pub chat I think!

You need a slice of luck when exploring. Julian Hanna told me they were lucky to find T3. Discovery Metals had been looking in that area but had their drills pointing the wrong way so missed it by a few gnat's whiskers