Is Ganfeng Bearish Pilbara Minerals?

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Righto Bunny Bonners Thursday
Special big going on today,

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boys.
Some big cash getting changed

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hands at Pilbara.
Holy Snapp and Dutchie, you boys

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are going into a behemoth of a
freaking copper gold project as

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well.
Yeah, very.

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Interesting.
It's an interesting part of the

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world, yeah.
And it's a name there not too

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many people really know or care
about.

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But yeah, it doesn't mean that
we're not interested, Maddie.

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They'll care after today, Trav,
because if you care, everyone

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cares.
And the you deal.

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Look what Look what happened
with Sierra, Ruta and I.

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Still know what it is delisted
today so there's like it was

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complete.
People cared for a bit.

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It'll go back to no one cares
about.

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That you're gonna touch on the
big fission power.

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Yeah, very open ended.
Nothing provided there, but

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there's there's just a bit going
on in that deal and whether it

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will happen.
Oh bloody, who knows, The thing

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that will happen, and probably
already has happened this week

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is probably MMS should have
secured open pit mining contract

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'cause we bloody we throw it out
there to the companies that

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they're right, they're
available, they're ready to go,

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they're ready to start moving
dirt and start making your

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money, whether it's for a bloody
contract or AJV arrangement.

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And I I assume their phone's
been going off the hook this

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week, but doesn't mean you still
can't call them.

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Mattie, you, you put it out to
the companies, I reckon you put

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it out to the shareholders to
put pressure on the companies to

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be like, hey, you, you got, you
got approval to minister and why

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are you just sitting on it and
minister right there.

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They got the fleet like after.
The fundies we've interviewed

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that are like on the register of
these small companies bloody put

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the boot in and tell them to get
MMS, mine and the dirt straight

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away.
Every cash is good for everyone.

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So boys, what is going on with
Pilbara?

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Big chunky block trade today and
mate, yeah, to be honest I

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didn't stupidly didn't even know
this mob was a shareholder, but

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I do now, thank you very much.
Now you know.

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Yeah, I, I forgot to be honest
too.

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So no, no, no worries at all,
Maddie.

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But there's a, there's a back
story, right?

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It's actually a pretty
interesting story.

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So AFR they reported that a
giant $271,000,000 block trade

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of Pilgrim Minerals was being
fished out yesterday.

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That represents a nearly nearly
3% interest in the, in the stock

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of the, you know, lithium miner,
which still has like a healthy

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$10 billion market cap.
Here's the bit that was really

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interesting to me in the article
that Straight Talk put up says

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the trade was under a 4%
discount to the $3.31 last

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close.
Forces said the block trade was

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a secondary share sale stemming
from an equity colour

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transaction for China's Ganfeng,
which owns 5.7% of Pilbara.

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Secondary share sales stemming
from an equity colour

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transaction is.
I spent my morning figuring out

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the mechanics of how an equity
colour transaction happens.

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Why is there a block trade
anyway?

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What did you find out?
If it's, if it, if it's it took

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me water up my head around it.
But I think I kind of get the

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mechanics now.
But basically Ganfing have owned

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stock in Pilbara dating all the
way back to 2017.

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That 5.7% stake has been like
basically the same shareholding

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at least for like the last four
years in Pilbara.

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As early as May 2023 I found a
Ganfing release where they talk

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about their trading approach and
it explicitly talks about

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potentially using these equity
colours.

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I'll read this bit out.
It says the trading approaches

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include but are not limited to
utilising derivatives portfolios

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such as a colour position to
protect the value of shares,

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such as the shares of Pilgrim
Minerals held by the company.

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The derivatives that the company
will trade involve both offshore

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and over the counter contracts.
The counter parties for the

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company's derivatives trading
will be limited to financial

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institutions with prudent
operations and sound credit

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ratings.
So if, if Ganfing has has been

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using these, these colours,
like, because I found that that

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release was like 2023 and so
over a year ago, but I don't, I

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don't know if there's any
indication that they've ever

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used these kinds of colours
before.

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In fact, kind of today might,
might actually be the first time

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that we've actually kind of seen
this, this happened by them.

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But you know, but, but it does
pose a bit of a question like

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what's with the block trade,
right?

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If, if you're using on
derivatives and options and all

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that sort of stuff, why does it
involve a block trade?

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There's a secondary part of
that.

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And before I answer that
question, there's one other

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detail that's kind of worthy of
of pointing out to that really

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caught my eye and that's the
fact that the AFR article says

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it was at a 4% discount to last.
And normally when you see these

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block trades, they're kind of
priced with a bit more of a

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discount than a 4%.
Remember the FMG 1 was like, you

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know, a fair bit more than that.
And FMG is a bigger company than

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the.
Spartan one.

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That was probably more than 4%.
Yeah, I.

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Think, yeah, I mean Spartan's a
much smaller company, but but

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FMG is like, you know, like much
bigger than Pilgrim.

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I think there was like a six odd
percent one.

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It was all set out in stages,
depending on how much interest

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there was in these things.
Yeah.

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Yeah, so the 4% really caught my
eye.

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And there's even like you got
Bloomberg, you can find this

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thing called the TCA general
impact model.

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That's like a on a theoretical
kind of transaction cost impact

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model, which can be used to sort
of help price block trades of

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these large, large caps.
It's essentially kind of like

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modelling what, what the
transactional cost impact you

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would have by selling kind of X
percent of a stock that has, you

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know, why, why volume or
liquidity or whatever like that.

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What what I've been told by
someone who actually has a

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Bloomberg Terminal, because I
don't Bloomberg, if you want to

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give me one, I'll take it.
Got.

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The cable drug in the car.
Is that the the TCA model shows

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that the the market impact
should be 10 negative 10%, but

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the blocks down at a 4%
discount, which which I'm trying

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to figure out these mechanics.
I was like, that's, that's a bit

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of a discrepancy.
All right, so on game Fang, what

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what's the kind of deal with
these equity colours?

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What did you find out a bit more
and what are they actually doing

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in in the scenario?
An equity collar is a a trading

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strategy that involves options
that Ganfeng has used to protect

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their downside.
Is the easiest way to think of

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it.
A typical collar for for someone

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who who owns stock and Ganfeng,
they own stock it it and they've

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just watched the share price go
up a lot.

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What you do in a, in a collar is
you would, you would sell a

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bunch of out of the money call
options and simultaneously buy

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out of the money put options.
And it's a kind of, you can

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think of it as like a bit of a,
a bearish to neutral strategy

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that you can employ.
Your, your, your loss is limited

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because you know, the, the put
options protect that you've got,

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you know, protection to the
downside there.

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But your upside is also now
limited because you, you sold

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call options and you have to pay
the other side of that.

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If if the price climbs, you
know, into the, into the, into

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the payout there.
It's the name colour.

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Colour a true a true colour is
kind of you know is is is doubt

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and neutral but like if if you
are confused, I don't blame you

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and don't worry too much.
This is like this is wacko shit

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that.
Really end up if you're

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confused.
You like, you don't really have

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to know about this stuff.
It really happens in our world

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and you know, the like ASX
stocks don't even have a real

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options market like you can get
in the in the US.

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But even even options of this
scale, like the the the quantity

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of this you, you basically need
an investment bank to to write

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the product, or in this case
multiple investment banks

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because you know, like the
liquid options markets don't

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don't don't even cut it for but
this sort of size.

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It's bespoke, right?
Super.

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Bespoke gang Fang going to the
investment bank saying yeah, I

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want to do this.
That means to execute the trade

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like, you know, they, they've in
this case, they've lent on both

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of Bank of America, B of A and
Morgan Stanley together, those

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investment banks, they use the
balance sheet to underwrite the

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other side of the trade for, for
Ganfang, they'd make these kind

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of synthetic instruments and,
and they price them for Ganfang

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to enter into.
And in in this case, because

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Ganfang has has bought an out of
the money put option as part of

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that colour, Morgan Stanley and
B of A they they don't they want

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to protect their own kind of
downside.

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And and in the case that Hilbro
stock sufficiently falls, they

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need a way to hedge that out.
The process of the underwriter

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being the banks to actually
hedge out their exposure in the

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case that they're on the hook
because people share price fell

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too much involves them selling
Pilbara stock today.

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Well, hence the block trade.
The block trade is actually the

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banks selling Pilbara stock.
This is a, a weird one to wrap

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your head around, but this, this
block trade of the 82,000,000

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shares that's been done, that's
being done by the underwriters

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and they've borrowed the stock
from Ganfeng.

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It's Ganfeng stock the banks
have borrowed and the banks are

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placing it out of that 4%
discount, which is why it's a

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bit tighter than you'd expect if
it was a true block trade.

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They do this to hedge out their
own downside exposure.

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Because if, if, if Hilbert share
price fell too much, Ganfeng

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could could, you know, they're,
they're put now in the money in

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the process of that they've got
the right to sell their stock to

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the underwriter.
So their underwriter wants to

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sell it today so that their,
their, their own kind of, you

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know, hedging situation is, is
neutralised.

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So did you say that they've put
it out on gang fan of like done

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what insta does?
They've borrow like put it out

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on borrow like a a fucking
institution would if someone

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wanted to short their stock.
It it's but then.

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They put it out on borrow, but
then the bank's selling it.

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It's it's not like it's put out
on, but it is it is it is, it is

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their stock that is sold been
put out.

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And it's instead of it being
like another Insto that's short

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selling, it's actually the
underwriter, the bank that's

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done it for them because they're
trying to hedge out their

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potential exposure because
they've created the product

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that's allowed protection for
game thing.

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So is game thing going to end up
with to 250 million bucks less

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amount of stock in Pilbara by
the end of this?

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No, no, it's not necessarily.
It's just, but they still have a

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beneficial interest in the 5.7%.
Yeah, because they can.

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They can call that back at any
time from, from, from the banks.

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There you go.
OK.

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So they're not selling them
down?

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No, Well, they they.
There's not yet.

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They there, there's a couple of
interpretations of this, right?

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And I think like, that's why I
wanted to go deep in the

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mechanics because I'm trying to
figure out what is gang thing's

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view here?
Are they, are they bearish

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lithium?
Are they bearish Pilgrim

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minerals?
Are they just, or do they

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themselves just need the cash?
And I think there's, there's two

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ways to interpret this.
The, the 1st and more likely way

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to interpret this, I think is I
think gang thing like on their

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own kind of books, they, they
record their stake in Pilgrim

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Minerals kind of mark to market,
which, which means it comes up

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as a, as a loss or a profit
depending on what Pilgrim share

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price sort of did.
And you know, that could be

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problematic in in and of itself.
So they're, they're just trying

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to hedge the impact of that
because it's, you know, pretty

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substantial loss on their kind
of last reporting period.

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But also Ganfang still has a
fair whack of their own CapEx

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ahead of them.
There's still more ahead with

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Gulamina.
Practical completion was

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expected 30th of September,
which is a couple of days ago,

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00:10:46,080 --> 00:10:50,120
but there's still more capital
outlay Gulamina ahead before

223
00:10:50,120 --> 00:10:52,400
it's sort of cash flow positive
combined that too.

224
00:10:52,400 --> 00:10:54,880
I think they've still got a fair
whack of CapEx, you know, a

225
00:10:54,880 --> 00:10:58,440
project in Argentina as well.
And with like depressed lithium

226
00:10:58,440 --> 00:11:02,560
prices, cash matters.
So the transaction in a weird

227
00:11:02,560 --> 00:11:05,520
way, it actually frees up some
cash for gang thing.

228
00:11:05,520 --> 00:11:08,200
It's a bit wacky to wrap your
head around here because gang

229
00:11:08,200 --> 00:11:11,480
thing has sold call options.
Selling call option actually

230
00:11:11,480 --> 00:11:14,000
gives you income.
They've also bought put options.

231
00:11:14,000 --> 00:11:17,280
And so buying the put options
isn't you're, you're paying out

232
00:11:17,280 --> 00:11:18,760
there.
But the mechanism which gives

233
00:11:18,760 --> 00:11:21,040
them cash today is the fact that
there's this loan arrangement

234
00:11:21,040 --> 00:11:23,480
with the underwriter of the bank
where you know, they've lent

235
00:11:23,480 --> 00:11:25,560
their shares to the bank, bank
sold them.

236
00:11:25,560 --> 00:11:28,680
But in exchange, Ganfeng gets
gets a bunch of cash today as

237
00:11:28,680 --> 00:11:30,440
well.
So there's, there's basically

238
00:11:30,440 --> 00:11:33,800
cash or capital freed up the
Ganfeng to allocate to the, you

239
00:11:34,200 --> 00:11:37,080
know, CapEx objectives and plans
that they do have ahead of them

240
00:11:37,320 --> 00:11:39,480
at some of these projects while
the lithium markets are

241
00:11:39,480 --> 00:11:40,600
depressed.
Yeah.

242
00:11:40,680 --> 00:11:44,720
So it's it's the same as any any
mob that lends out their stock

243
00:11:45,840 --> 00:11:48,640
when they to be sure that they
get the money.

244
00:11:48,880 --> 00:11:51,680
Yeah, there's, yeah, yeah,
there's, there's mechanically

245
00:11:51,680 --> 00:11:53,040
kind of a similar thing going on
here.

246
00:11:53,200 --> 00:11:55,200
Yes, yeah.
Sorry, I've got that wrong.

247
00:11:55,880 --> 00:12:00,280
When someone takes when a
shorter activates a short

248
00:12:00,280 --> 00:12:01,920
position, they get the money,
yes.

249
00:12:02,360 --> 00:12:04,680
Yeah, not the person that
borrows it out, lends it out.

250
00:12:04,680 --> 00:12:07,840
They just get the yes premium.
On yes, yes.

251
00:12:08,360 --> 00:12:11,520
Right.
There's another interpretation

252
00:12:11,520 --> 00:12:15,000
which oh, I, I fleshed out
first, but I think, you know,

253
00:12:15,480 --> 00:12:17,680
I'm sort of coming back to and
think this is less likely.

254
00:12:17,680 --> 00:12:20,440
But let's just entertain, you
know, this other theory for a

255
00:12:20,440 --> 00:12:22,840
moment too.
Gun thing could be pretty

256
00:12:22,840 --> 00:12:26,960
nervous about the potential
downside, more downside in the

257
00:12:26,960 --> 00:12:30,800
value of Pilbara stock.
And they could have used this

258
00:12:30,800 --> 00:12:34,640
bouncing sort of lithium price
to, to hedge edge here, which is

259
00:12:34,640 --> 00:12:36,640
kind of clever move if you think
there's more pain on the

260
00:12:36,640 --> 00:12:40,280
horizon.
And look, if, if, if Ganfeng

261
00:12:40,280 --> 00:12:42,680
thinks there's more downside
from, from Pilbara, from here,

262
00:12:42,680 --> 00:12:44,400
What like why, why would they
think that?

263
00:12:44,840 --> 00:12:48,640
We talked about this little kind
of thing in our conversation

264
00:12:48,640 --> 00:12:50,960
with YJ, which we put up on
Friday last week.

265
00:12:51,400 --> 00:12:54,560
Basically, Ganfeng, they are,
they are best in business for,

266
00:12:54,720 --> 00:12:58,720
for converting even crack spot
into, you know, high grade kind

267
00:12:58,720 --> 00:13:00,800
of battery material.
They've notoriously dealt with

268
00:13:00,800 --> 00:13:05,200
Minrez's, you know, Marion spot,
which is, you know, pretty,

269
00:13:05,200 --> 00:13:07,200
pretty low, low, low grade kind
of product.

270
00:13:07,200 --> 00:13:08,640
That's what gone that they put
out there.

271
00:13:09,320 --> 00:13:12,000
I've plucked this kind of cost
curve from S&P.

272
00:13:12,320 --> 00:13:14,760
So I'm, I'm sure there's a few
issues with it and people point

273
00:13:14,760 --> 00:13:16,520
out why it's wrong in a lot of
different ways.

274
00:13:16,520 --> 00:13:19,120
But just kind of take it with a
grain of salt for now, because

275
00:13:19,120 --> 00:13:23,600
this is the S and PS cost curve
for 2025.

276
00:13:23,920 --> 00:13:26,360
And I wanted to point out these,
these are, I've highlighted the

277
00:13:26,480 --> 00:13:29,720
S and PS highlighted before
Lithium projects producing in

278
00:13:29,720 --> 00:13:33,280
2025 that Yanfeng actually has
an equity interest in.

279
00:13:33,960 --> 00:13:37,960
I've added labels to the ones
that Marion and Gulamina on

280
00:13:37,960 --> 00:13:40,680
there just to sort of illustrate
things because Gulamina is the

281
00:13:40,680 --> 00:13:44,000
interesting 1.
You know, like I said, Gulamina

282
00:13:45,640 --> 00:13:47,800
practical completion was
expected for that project on the

283
00:13:47,800 --> 00:13:51,080
30th of September per kind of
the latest announcement I could

284
00:13:51,160 --> 00:13:53,080
get out of Leo Lithium talking
about it.

285
00:13:54,200 --> 00:13:57,400
And that's intriguing, right?
Because Gangfang gets 100% of

286
00:13:57,400 --> 00:14:00,840
the production Gulamina and
other self, I wouldn't be

287
00:14:00,840 --> 00:14:05,520
surprised to see, you know, gang
thing eventually get their costs

288
00:14:05,520 --> 00:14:08,200
from Gulamena to sort of, you
know, and even the kind of lower

289
00:14:08,200 --> 00:14:10,200
unit cost.
And then Pilgrim was able to do

290
00:14:10,200 --> 00:14:11,280
it.
Pilgrim Gore I just.

291
00:14:11,680 --> 00:14:14,880
So the ore body's phenomenal.
That's why it's like Kathleen

292
00:14:14,880 --> 00:14:17,440
Valley, but an open pit.
Like in terms of the thickness

293
00:14:17,440 --> 00:14:19,320
and, and everything.
Well, it's pretty friggin

294
00:14:19,320 --> 00:14:20,880
unreal.
Yeah.

295
00:14:22,120 --> 00:14:24,800
I wouldn't, you know, I've got
no doubt that the Chinese will

296
00:14:24,800 --> 00:14:28,160
have a way to get costs far
lower than, you know, we can

297
00:14:28,160 --> 00:14:29,280
imagine.
Yeah, they're good at that shit.

298
00:14:31,880 --> 00:14:35,480
So, you know, that's the other
theory is there that that, you

299
00:14:35,480 --> 00:14:39,240
know, maybe gang gang Fang have
have a view on where the lithium

300
00:14:39,240 --> 00:14:40,680
market's going to be for a
period of time.

301
00:14:40,680 --> 00:14:42,800
And then they're looking at
Pilbury stock relative to all

302
00:14:42,800 --> 00:14:43,640
that.
They're looking at looking at

303
00:14:43,640 --> 00:14:46,120
the cost curve and they're
looking at where, where new

304
00:14:46,120 --> 00:14:47,720
production is coming online, all
that sort of stuff.

305
00:14:48,760 --> 00:14:52,200
Even my gang thing, they
currently take up to 310,000

306
00:14:52,200 --> 00:14:58,280
tonnes of of spot from hill
Gangora for for 2024-2025 and 26

307
00:14:58,600 --> 00:14:59,720
and that's their current off
day.

308
00:14:59,720 --> 00:15:02,640
But but yeah, I think there's a
few different ways you can

309
00:15:02,640 --> 00:15:04,840
interpret it.
But then you know, the more one,

310
00:15:04,840 --> 00:15:07,800
the kind of yeah, like and maybe
it's a little bit of both.

311
00:15:07,800 --> 00:15:09,280
Maybe it's a little bit of both
in those theories.

312
00:15:09,760 --> 00:15:11,080
Yeah.
Do you think that do you think

313
00:15:11,080 --> 00:15:14,920
there's any chance that they're
throwing up capital to buy more

314
00:15:14,920 --> 00:15:17,800
of a project?
They they, they did something

315
00:15:17,840 --> 00:15:20,800
really recently where they
picked up 30% of an interest in

316
00:15:20,800 --> 00:15:23,240
a projects.
The 15% of an interest in a

317
00:15:23,240 --> 00:15:28,080
project any anyway they you
know, yeah, there's a bunch of

318
00:15:28,080 --> 00:15:30,000
different competing objectives,
I'm sure.

319
00:15:30,920 --> 00:15:34,000
And the truth is like on a
multiple basis, Pilbury still

320
00:15:34,320 --> 00:15:36,880
does screen pretty expensive.
Like that's why it's got such a

321
00:15:37,280 --> 00:15:40,520
high short interest that it does
because you're trying back out

322
00:15:40,520 --> 00:15:42,360
the earnings and you're like,
does this make sense?

323
00:15:42,360 --> 00:15:46,280
I don't know.
Do you think that ever trying to

324
00:15:46,280 --> 00:15:48,680
get it past fur?
But do you think that ever buy

325
00:15:48,680 --> 00:15:50,640
more of Mount Marion off Min
res?

326
00:15:51,440 --> 00:15:52,600
I don't think Feb will get
there.

327
00:15:53,400 --> 00:15:56,200
No, because she's about maxed
out now, yeah.

328
00:15:57,400 --> 00:16:00,760
Yeah, I'd lean towards the the
former rather than the latter,

329
00:16:00,760 --> 00:16:04,400
just freeing up capital to
invest in, in projects have that

330
00:16:04,400 --> 00:16:07,080
flexibility like that they have
been, you know, smashed on on

331
00:16:07,080 --> 00:16:08,640
kind of all fronts over the past
year.

332
00:16:08,720 --> 00:16:10,720
They've got a heated debt in
their own cap structure.

333
00:16:10,840 --> 00:16:13,440
It's not like they're, they're
somewhat like a lot of lithium

334
00:16:13,440 --> 00:16:16,640
players, you know, they're, you
know, distressed kind of period

335
00:16:16,640 --> 00:16:19,640
of time.
Yeah, good, good in the weeds

336
00:16:19,640 --> 00:16:22,960
trap.
It even confused the fuck out of

337
00:16:22,960 --> 00:16:23,640
you.
I think I.

338
00:16:23,720 --> 00:16:25,960
Mate, I didn't fit the fuck I
couldn't piece it all together

339
00:16:25,960 --> 00:16:29,440
until the end anyway.
It's like our back to the start

340
00:16:29,440 --> 00:16:32,640
of the pod.
Very good.

341
00:16:32,640 --> 00:16:35,200
Right Next up, we're going to
talk about an absolutely

342
00:16:35,200 --> 00:16:39,160
freaking huge copper and gold
project in Mongolia that I don't

343
00:16:39,160 --> 00:16:40,440
think we've ever talked about
before.

344
00:16:40,440 --> 00:16:41,640
Yeah.
I was scratching my head, I

345
00:16:41,640 --> 00:16:44,000
can't remember.
I think maybe a long time ago we

346
00:16:44,000 --> 00:16:45,200
got might have given a
dimension.

347
00:16:45,360 --> 00:16:48,160
Oh no, but just there's never
forget money miners.

348
00:16:48,160 --> 00:16:52,120
Before project gets bloody huge,
it has to be started.

349
00:16:52,200 --> 00:16:55,240
That is philosophical.
The first thing you need to do.

350
00:16:55,800 --> 00:17:00,200
You've got a clear land, right?
Exploration, drilling dams

351
00:17:00,200 --> 00:17:03,680
before we get these rigging,
billion tonne resources and

352
00:17:03,680 --> 00:17:07,200
bloody Australian earthworks and
haulage on the team to get it

353
00:17:07,200 --> 00:17:10,240
done, isn't it?
Too right?

354
00:17:10,319 --> 00:17:14,160
You know another earth moving
company does all this stuff, no?

355
00:17:14,160 --> 00:17:16,000
No, the AES.
Yeah.

356
00:17:16,160 --> 00:17:19,200
Oh, they're tied in a EH.
AEH.

357
00:17:19,680 --> 00:17:22,560
And IES, there's a bit of
bloody, there's a bit of mutual

358
00:17:22,560 --> 00:17:25,200
stuff going on here.
You know the only two acronyms

359
00:17:25,240 --> 00:17:26,319
you need to know if it starts
with.

360
00:17:26,560 --> 00:17:28,000
AE, it's good.
Yeah.

361
00:17:28,000 --> 00:17:29,920
That's all you need to know.
Look at this bloke.

362
00:17:30,360 --> 00:17:32,200
We we gave Sheamus enough of a
run.

363
00:17:32,200 --> 00:17:34,360
We're going to give this this
follow a run.

364
00:17:34,360 --> 00:17:38,120
The main man of AEH, Reese
Spatolni.

365
00:17:38,360 --> 00:17:42,880
He's when he's not dressed up
like this on the weekend, as you

366
00:17:42,880 --> 00:17:47,960
can see he looks like this HD
fitter covered in shit working.

367
00:17:48,440 --> 00:17:51,400
He's bloody mate, he owns it, he
operates the machinery.

368
00:17:51,400 --> 00:17:54,000
He's the man, he's mate, he's
the son of AGL and I've got it

369
00:17:54,000 --> 00:17:57,800
on good authority that he was
crushed rock was mixed with his

370
00:17:57,800 --> 00:18:02,000
milk as a child.
He is grew, grew up on dirt and

371
00:18:02,000 --> 00:18:05,960
has now decided to move it.
Bloody shits on Orem pisses gold

372
00:18:05,960 --> 00:18:08,440
Nuggets like he is all over at
this fella.

373
00:18:08,600 --> 00:18:10,560
You need any earthwork job he's
done?

374
00:18:10,880 --> 00:18:14,920
Bloody premium mining post
mining in the great state of WA

375
00:18:14,920 --> 00:18:18,320
Give bloody race and the team at
Australian Earthworks and

376
00:18:18,320 --> 00:18:20,600
Haulage a friggin ring.
Good.

377
00:18:20,600 --> 00:18:22,520
Details are in the show notes.
How good?

378
00:18:22,520 --> 00:18:25,560
How good is this black cheesy?
I trust him to move rock.

379
00:18:26,040 --> 00:18:30,360
But he can move rock really
well, funny, beautiful.

380
00:18:30,360 --> 00:18:34,800
So we are talking about how do
you pronounce this Xanadu?

381
00:18:35,040 --> 00:18:35,920
Xanadu.
Xanadu.

382
00:18:35,920 --> 00:18:38,000
Xanadu.
That's the closest I've ever got

383
00:18:38,000 --> 00:18:39,400
to pronouncing something
correctly.

384
00:18:39,400 --> 00:18:45,080
You know the ABBA song we're
playing, What's the next line?

385
00:18:47,080 --> 00:18:48,560
It's an old classic movie as
well.

386
00:18:48,560 --> 00:18:52,360
But anyway, what we're talking
about is copper and gold in

387
00:18:52,400 --> 00:18:57,840
Mongolia, like you said, Maddie,
so Mongolia right at the top

388
00:18:57,840 --> 00:18:59,640
drawer.
So these guys had an

389
00:18:59,640 --> 00:19:03,040
announcement out yesterday which
sort of piqued our interest.

390
00:19:03,520 --> 00:19:06,960
And as you can see, it's been a
a hell of a ride on the on the

391
00:19:06,960 --> 00:19:10,320
spark chart been up and down.
They I had a bit of a deal that

392
00:19:10,320 --> 00:19:13,480
they announced a couple years
ago now and there was a sort of

393
00:19:13,480 --> 00:19:15,520
second iteration of that deal
last year.

394
00:19:15,520 --> 00:19:18,080
So we're going to get into the
weeds on all of it.

395
00:19:18,080 --> 00:19:20,240
But firstly, why it's kind of
interesting.

396
00:19:20,240 --> 00:19:24,480
So these guys are $100 million
developer out there like like a

397
00:19:24,480 --> 00:19:30,920
good few with substantial CapEx
bill, but they have a PFS that

398
00:19:30,920 --> 00:19:34,920
is imminent IE this month and
they have a sort of potential

399
00:19:35,040 --> 00:19:36,360
liquidity event.
They've already got an

400
00:19:36,360 --> 00:19:39,080
arrangement with Sage in which
we're going to get into the

401
00:19:39,080 --> 00:19:41,720
weeds of later on.
But there's, yeah, there's some

402
00:19:41,720 --> 00:19:46,400
key reasons why this one could
to have some action happen in

403
00:19:46,400 --> 00:19:48,760
the, in the nearer term rather
than the the later term when you

404
00:19:48,760 --> 00:19:51,640
kind of think of all those other
copper hopefuls out there on the

405
00:19:51,640 --> 00:19:54,800
ASX that just praying for
somebody to come in and scoop

406
00:19:54,800 --> 00:19:58,160
them up or help them out.
So let's get into the the

407
00:19:58,160 --> 00:20:01,520
project itself, because I think
this gives the the overview that

408
00:20:01,520 --> 00:20:05,920
you kind of need to know to
understand how the the potential

409
00:20:05,920 --> 00:20:08,400
deal machinations could work.
But I remember about this

410
00:20:08,400 --> 00:20:11,880
project, JD is it's, it's like
it's enormous.

411
00:20:11,880 --> 00:20:13,760
It's huge, but it's really low
grade.

412
00:20:14,400 --> 00:20:16,880
Yeah, in Mongolia and that's all
I remember.

413
00:20:16,880 --> 00:20:18,480
I.
Always thought of it as like a,

414
00:20:19,080 --> 00:20:21,120
you know, a smaller, not quite
as good.

415
00:20:21,120 --> 00:20:24,640
Oh you totally.
So they both previously were

416
00:20:24,640 --> 00:20:26,920
part of Turquoise Hill but back
in the day and this one sort of

417
00:20:26,920 --> 00:20:29,840
spun out a decade ago now in
20/20/14.

418
00:20:29,840 --> 00:20:31,880
Turquoise Hill.
Yeah, it sort of sits a couple

419
00:20:31,880 --> 00:20:35,280
100 KS away in southern Mongolia
there.

420
00:20:35,280 --> 00:20:38,720
So a scoping study came out in
2022 that was actually an

421
00:20:38,920 --> 00:20:40,680
updated one.
There was one a few years before

422
00:20:40,680 --> 00:20:44,080
that.
The 2022 one was based on a 2021

423
00:20:44,280 --> 00:20:48,640
one resource that was 1.1
billion tonnes for 3,000,000

424
00:20:48,640 --> 00:20:53,440
tonnes of contained copper and
8,000,000 ounces of gold, about

425
00:20:53,440 --> 00:20:55,880
half of that in the indicated
category.

426
00:20:56,440 --> 00:20:58,520
Then the scoping study from
20/22.

427
00:20:58,520 --> 00:21:01,200
The numbers I'll quote here are
100% basis.

428
00:21:01,200 --> 00:21:06,360
Xanadu at the time owned 76.5%
of the project.

429
00:21:06,960 --> 00:21:10,000
They were talking about an
average annual production of

430
00:21:10,000 --> 00:21:14,200
50,000 tonnes of copper and
110,000 ounces of gold, more

431
00:21:14,200 --> 00:21:16,760
than sustaining costs of US
$1.00 a pound.

432
00:21:16,760 --> 00:21:20,040
Obviously netting off the
byproduct credits from the the

433
00:21:20,040 --> 00:21:25,760
gold there and an IRR of 20%.
The 30 year mine life NPV using

434
00:21:25,760 --> 00:21:29,160
8% discount rate of US $630
million.

435
00:21:29,160 --> 00:21:33,560
So a couple other details that
are important to know is that

436
00:21:33,560 --> 00:21:37,800
they were first going to have a
throughput of 15,000,000 tonnes

437
00:21:37,800 --> 00:21:39,680
per annum.
That was going to jump up to 30

438
00:21:39,680 --> 00:21:45,280
million tonnes per annum CapEx
of just under 700 million US net

439
00:21:45,280 --> 00:21:47,960
revenue, which we'll touch on a
bit later on why it could be

440
00:21:47,960 --> 00:21:52,120
interesting of US $16 billion
with the important price

441
00:21:52,120 --> 00:21:57,880
assumptions of US $4.00 a #
copper and US 1700, yeah, 1700

442
00:21:58,360 --> 00:22:00,520
an ounce.
So they're, they're the kind of

443
00:22:00,520 --> 00:22:03,600
key numbers that you you want to
know from the scoping study.

444
00:22:03,600 --> 00:22:06,160
But obviously it's been a couple
years since then, a lot of

445
00:22:06,160 --> 00:22:09,480
waters gone under the bridge.
They've expanded that resource.

446
00:22:09,480 --> 00:22:12,880
The contained copper is up some
sort of 30 ish percent.

447
00:22:12,880 --> 00:22:16,360
The gold is up to over 9 million
oz contained.

448
00:22:16,360 --> 00:22:18,280
Importantly on the Met side,
they've done a fair bit of work

449
00:22:18,280 --> 00:22:21,400
because they were building in a
scenario with the top sort of 20

450
00:22:21,400 --> 00:22:27,080
or 30 metres, about $100 million
of pre strip was just waste.

451
00:22:27,080 --> 00:22:29,520
Essentially, they've been
looking just do a heat leak and

452
00:22:29,520 --> 00:22:32,320
actually make a bit of money
from that as opposed to just

453
00:22:32,320 --> 00:22:34,600
being a $100 million liability
the.

454
00:22:34,600 --> 00:22:35,640
Other thing that stands out
there.

455
00:22:35,640 --> 00:22:38,440
So it's got some grade in it,
really low grade.

456
00:22:38,520 --> 00:22:40,520
It's not complete waste.
Exactly.

457
00:22:40,720 --> 00:22:43,080
Yeah, yeah, we've got Australian
earthworks and haulage job.

458
00:22:43,080 --> 00:22:45,200
He bothers sounds and I'll move
it.

459
00:22:46,000 --> 00:22:47,360
I don't think it stands out
there mate.

460
00:22:48,320 --> 00:22:52,160
Just on the like those numbers
on the scoping study is, I mean

461
00:22:52,160 --> 00:22:54,720
like a copper is a fair bit
different and the gold price is

462
00:22:54,720 --> 00:22:57,000
a fair bit different today to
what is assumed there.

463
00:22:57,000 --> 00:23:02,320
But but also just the the the
CapEx like it was the scoping

464
00:23:02,320 --> 00:23:05,920
study coming out before Zijin
was was a board because that's

465
00:23:05,920 --> 00:23:08,240
right.
Zijin would probably be able to

466
00:23:08,640 --> 00:23:12,320
deliver a project build kind of
like below, whatever your

467
00:23:12,320 --> 00:23:15,360
western kind of.
Very very important point are.

468
00:23:15,400 --> 00:23:16,960
Able to to construct something
for two.

469
00:23:17,320 --> 00:23:19,480
Yeah, 100%.
You can call that a Western

470
00:23:19,480 --> 00:23:23,680
style CapEx number, which Sage
in, you know, being neighbours

471
00:23:23,680 --> 00:23:26,520
and just being operators at
scale.

472
00:23:26,520 --> 00:23:29,000
You know, they've got a heap of
mining operations around the

473
00:23:29,000 --> 00:23:32,160
world if they've done this, you
know, partnered with Ivanhoe in,

474
00:23:32,600 --> 00:23:35,960
in Kamal Kakula and these sorts
of things would be able to

475
00:23:36,240 --> 00:23:38,960
deliver that cheaper than than
sanity would.

476
00:23:39,400 --> 00:23:40,760
Yeah, it's pretty bloody, isn't
it?

477
00:23:40,760 --> 00:23:43,760
Funny looking at these, I think
what was BHP's one they did the

478
00:23:43,760 --> 00:23:45,320
long aisles for Bloody what?
Oak.

479
00:23:45,400 --> 00:23:47,800
Damn.
Which in in South Australia,

480
00:23:47,800 --> 00:23:50,120
Yeah, yeah.
Oh dear, like like coming back

481
00:23:50,120 --> 00:23:55,480
at you know this point 3.4%
copper just it might be the

482
00:23:55,480 --> 00:23:57,240
thing now like it's.
The scale game.

483
00:23:57,360 --> 00:24:00,840
Yeah, yeah, so it's and look
pretty unbelievable to get

484
00:24:00,840 --> 00:24:05,000
frigging half a billion tonnes
of indicated material that is

485
00:24:05,000 --> 00:24:07,480
freaking huge reeks of a Cadrill
standard.

486
00:24:07,720 --> 00:24:09,840
Sure it does Martha Bill
indicated bloody.

487
00:24:10,160 --> 00:24:14,080
I can confirm that Cadrill
didn't drill this mine out, but

488
00:24:14,160 --> 00:24:17,280
it's possible of leverage
someone of a similar standard

489
00:24:17,280 --> 00:24:19,240
might have.
They leverage their IP because

490
00:24:19,480 --> 00:24:21,720
you're trying to Yeah, I.
Think they were consulting over

491
00:24:21,840 --> 00:24:24,560
the phone to Mongolia.
So yeah, it's don't know.

492
00:24:24,560 --> 00:24:28,640
There's no no bloody limitation
to the bloody capability of K

493
00:24:28,640 --> 00:24:30,480
drill.
So because if I had a resource

494
00:24:30,480 --> 00:24:33,560
like that in my backyard, I
would make the correct life

495
00:24:33,560 --> 00:24:38,680
decision to call Drew Harvey and
call Ron O'Sullivan and get

496
00:24:38,680 --> 00:24:41,440
bloody cadre to start pumping
Arsene diamond holes in there

497
00:24:41,440 --> 00:24:44,840
ready to go also ready to go for
a contract right now.

498
00:24:44,920 --> 00:24:49,720
So bloody don't don't be a
snoozer and be late.

499
00:24:50,040 --> 00:24:52,240
Call them right now.
Drovers numbers in the show

500
00:24:52,240 --> 00:24:54,040
notes.
You know the safety standards

501
00:24:54,040 --> 00:24:55,920
will be elite.
You know they'll punch the

502
00:24:55,920 --> 00:24:58,000
metres in the most efficient way
possible.

503
00:24:58,760 --> 00:25:03,800
You know the sample management
is 6 star level above 5 star.

504
00:25:03,800 --> 00:25:07,480
They're like one of those hotels
that to get a six star rating

505
00:25:07,480 --> 00:25:11,120
and not many of it 7/7 right.
Yeah, J and you know the

506
00:25:11,120 --> 00:25:13,760
resource will be bloody actual
indicated because.

507
00:25:14,280 --> 00:25:16,800
Yeah, straight away, Yeah,
straight away.

508
00:25:16,800 --> 00:25:20,880
It's absolute no brainer.
So JJ, what about the Z Gin

509
00:25:21,240 --> 00:25:23,000
side?
What is going on there?

510
00:25:23,000 --> 00:25:25,600
All right, so.
Like I said, Maddie Z Gin really

511
00:25:25,600 --> 00:25:28,160
interesting base.
I have to sort of double check

512
00:25:28,160 --> 00:25:32,240
that there are $100 billion in
Aussie terms market cap company.

513
00:25:32,280 --> 00:25:36,240
They're a big, big, big beast.
Yeah, nearly as big as a bit

514
00:25:36,240 --> 00:25:39,680
smaller than Rio.
Yeah, yeah. 100 Bill Aussie.

515
00:25:39,960 --> 00:25:42,960
Aussie, yeah, good, good.
Bit smaller than Rio but firmly

516
00:25:42,960 --> 00:25:46,000
one of the the biggest miners in
the world, no doubt about it.

517
00:25:46,000 --> 00:25:49,360
So they are 19.4% shareholders
now.

518
00:25:49,360 --> 00:25:53,680
They first took a 9.9% stake in
2022 and they listed out this

519
00:25:53,680 --> 00:25:55,960
sort of staged investment
process.

520
00:25:55,960 --> 00:25:58,520
It's going to be a sort of
second and third phase that

521
00:25:58,520 --> 00:26:02,480
would follow that would sort of
see them logically lift to just

522
00:26:02,480 --> 00:26:07,120
under 20%, and that happened.
They went to 19.4% in early

523
00:26:07,120 --> 00:26:10,160
2023.
Which Ferb had to approve as

524
00:26:10,520 --> 00:26:11,320
well, by the way.
Yeah.

525
00:26:11,320 --> 00:26:15,160
Importantly, Ferb approved that.
So in March 23, at that point,

526
00:26:15,160 --> 00:26:19,640
they created a 5050 JV which
held what was previously the

527
00:26:19,640 --> 00:26:23,440
Xanadu State.
So that holds 76.5% of the

528
00:26:23,440 --> 00:26:26,800
project.
Z Gene put in US $35 million

529
00:26:26,800 --> 00:26:31,360
into the joint venture that was
to fund the PFS as well as some

530
00:26:31,360 --> 00:26:34,320
exploration which would take 18
months, which kind of brings us

531
00:26:34,320 --> 00:26:37,320
to today.
Xanadu would remain the operator

532
00:26:37,400 --> 00:26:40,240
during the PFS phase.
And at the end of that 18 month

533
00:26:40,240 --> 00:26:43,640
plan, Z Gen would become the
operators, which again is where

534
00:26:43,640 --> 00:26:45,840
we're kind of at today.
And this came at a pretty

535
00:26:45,840 --> 00:26:49,320
important time initially in 2022
for Xanadu.

536
00:26:49,320 --> 00:26:52,040
They were in the doldrums a bit.
They announced the deal at a 30%

537
00:26:52,040 --> 00:26:54,160
premium to what the stock price
was at.

538
00:26:54,160 --> 00:26:58,760
So that was sort of circa 3%.
Deal came in around 4%.

539
00:26:58,760 --> 00:27:02,680
So it was a bit of a pick me up
for the stock at the time that

540
00:27:02,680 --> 00:27:05,120
went on for a bit of a run.
Make such a different equation.

541
00:27:05,120 --> 00:27:09,160
You go from being like a micro
cap that's got a project with a

542
00:27:09,160 --> 00:27:11,440
giant CapEx and you've got no
way to actually find it.

543
00:27:11,440 --> 00:27:14,520
All of a sudden, you know you
now have a funding partner

544
00:27:14,520 --> 00:27:17,680
that's serious. 100%, So we
should touch on yesterday's

545
00:27:17,680 --> 00:27:20,280
announcement before we get into
where they kind of go from here.

546
00:27:20,280 --> 00:27:23,840
So the update yesterday says
they're in the final stages.

547
00:27:24,120 --> 00:27:26,520
You can expect the PFS by mid
October.

548
00:27:26,600 --> 00:27:28,880
So in a couple weeks time.
Cash is running a bit low.

549
00:27:28,880 --> 00:27:32,640
There's about 5,000,000 bucks
within Xanadu, another further 5

550
00:27:32,640 --> 00:27:34,240
million within the joint
venture.

551
00:27:35,280 --> 00:27:38,920
They're planning for a BFS,
which is kind of interesting

552
00:27:38,920 --> 00:27:41,240
because the the earlier wording
gave an indication that they

553
00:27:41,240 --> 00:27:42,840
might not even really be
considering.

554
00:27:43,080 --> 00:27:46,440
They might just go straight from
BFS to, you know, kind of

555
00:27:46,440 --> 00:27:50,600
construction engineering work
and and yeah, just power

556
00:27:50,600 --> 00:27:53,400
straight ahead like season.
By all accounts that came to

557
00:27:53,400 --> 00:27:56,640
press on at some speed.
You know, the operator

558
00:27:56,640 --> 00:28:00,200
transition is underway.
So the GM and chair of the joint

559
00:28:00,200 --> 00:28:03,240
venture board is now Zeigen's
nominee.

560
00:28:03,600 --> 00:28:06,120
So this is a sort of four person
board, two people from each

561
00:28:06,120 --> 00:28:08,760
company.
But importantly, any new budget

562
00:28:09,200 --> 00:28:12,040
needs to be jointly agreed.
So you can't have the kind of

563
00:28:12,440 --> 00:28:18,080
classic trap where the major
money, the major minor can just

564
00:28:18,080 --> 00:28:21,400
flush out the junior by just
spending more with a commitment

565
00:28:21,400 --> 00:28:24,160
that the junior can't even meet.
So that that's quite an

566
00:28:24,160 --> 00:28:26,080
important detail that shouldn't
be glossed over.

567
00:28:26,200 --> 00:28:28,160
Totally.
And heck, in that same part of

568
00:28:28,160 --> 00:28:31,480
the world there was yeah, I
think, you know, Turquoise Hill

569
00:28:32,720 --> 00:28:35,360
would would, would remember a
lot how challenging it is when

570
00:28:35,760 --> 00:28:38,320
yeah, you've got a a major mind
with the the money and the

571
00:28:38,320 --> 00:28:41,960
challenges that come with being
a minority joint venture party

572
00:28:42,200 --> 00:28:44,680
party in the dynamics too, just.
Drag you along the floor?

573
00:28:44,680 --> 00:28:45,880
Yeah.
Who's money?

574
00:28:46,280 --> 00:28:48,000
Who says money doesn't buy
happiness?

575
00:28:49,960 --> 00:28:52,360
Though all righty.
So this it lays out the

576
00:28:52,360 --> 00:28:54,600
situation where we are kind of
at now today.

577
00:28:54,600 --> 00:28:58,840
So in March of 23, they put
forward 3 potential ways for

578
00:28:58,840 --> 00:29:02,360
this Zegin Xanadu relationship
to advance.

579
00:29:02,680 --> 00:29:06,240
And the sort of wording is post
the PFS coming out, Xanadu has

580
00:29:06,240 --> 00:29:10,440
the following options.
Option A, they can fund 50% of

581
00:29:10,440 --> 00:29:11,880
the construction bill
themselves.

582
00:29:12,200 --> 00:29:17,080
Option B, they can sell their
50% to Zegin for US $50 million.

583
00:29:17,840 --> 00:29:22,280
Option C, they can sell half of
their interest to to Zegin. the

584
00:29:22,360 --> 00:29:29,320
US $25 million plus A0 cash loan
carry for the remaining 25% to

585
00:29:29,320 --> 00:29:33,640
commercial productions.
I they can get Zegin to give

586
00:29:33,640 --> 00:29:37,080
them debt to fund them through
so that they don't have to stump

587
00:29:37,080 --> 00:29:39,560
up and raise it to their equity,
and that would.

588
00:29:39,560 --> 00:29:41,080
Be pay back with free cash flow
when it comes.

589
00:29:41,480 --> 00:29:44,440
Exactly.
Now there's sort of 1/4 option

590
00:29:44,440 --> 00:29:48,720
here, which is not mentioned for
Xanadu to look at, which is do a

591
00:29:48,720 --> 00:29:52,360
deal with a third party or get
creative in how they can try and

592
00:29:52,360 --> 00:29:55,520
maximise the value for their
shareholders.

593
00:29:55,520 --> 00:29:58,480
And this is where I think we
should kind of start, start a

594
00:29:58,480 --> 00:30:00,400
bit of a discussion to start
with.

595
00:30:00,400 --> 00:30:03,800
I think option B, selling your
stake for US $50 million would

596
00:30:03,800 --> 00:30:06,320
be a bit of a travesty.
I think the the company should

597
00:30:06,320 --> 00:30:08,920
just come out and say that is
not what we're going to do.

598
00:30:08,920 --> 00:30:11,880
There's a whole lot more value
in this project than just giving

599
00:30:11,880 --> 00:30:15,520
it to to Zesian for $50 million.
So it was a good thing at the

600
00:30:15,520 --> 00:30:19,400
time when nobody liked the
stock, but a bit of a, a bit of

601
00:30:19,400 --> 00:30:21,800
a flaw under it, you know, gave
them a bit of support.

602
00:30:21,800 --> 00:30:24,960
But I don't think that is what
they should look at the

603
00:30:24,960 --> 00:30:29,120
renegotiation angle.
I guess option D there is a kind

604
00:30:29,120 --> 00:30:31,800
of interesting 1 and I want to
play a little snippet from Colin

605
00:30:31,800 --> 00:30:34,520
Moorhead, the the managing
director of the company when he

606
00:30:34,520 --> 00:30:37,280
spoke about this in a podcast
earlier this year.

607
00:30:38,000 --> 00:30:41,280
How other options are, you know,
for us to go and fund our own

608
00:30:41,280 --> 00:30:43,040
half?
You know that that can be done,

609
00:30:44,720 --> 00:30:47,160
but it's not really our
preference or or to do some sort

610
00:30:47,160 --> 00:30:48,680
of other deal with the gym to
take the project.

611
00:30:49,400 --> 00:30:51,360
Yeah, they're, they're at a,
they're at a junction, right

612
00:30:51,360 --> 00:30:56,400
where this is, this is kind of
game time.

613
00:30:56,480 --> 00:30:59,440
Like, you know, PFS is coming
out so that Xanadu's in charge

614
00:30:59,440 --> 00:31:00,840
of the PFS.
They put the number out.

615
00:31:00,840 --> 00:31:04,280
The number, the number in the
PFS is like, we're going to be

616
00:31:04,280 --> 00:31:06,840
big, big kind of part of the
negotiations.

617
00:31:06,840 --> 00:31:08,720
And so there'll be some
gamesmanship going on there.

618
00:31:08,720 --> 00:31:12,360
But it's super like there's an
obvious deal that happens and

619
00:31:12,360 --> 00:31:16,040
that's where like, you know,
Asian acquires the other the

620
00:31:16,040 --> 00:31:20,680
other half of the JV from, from
Xanadu or just acquires Xanadu

621
00:31:20,720 --> 00:31:22,440
outright at the premium or
whatever it is.

622
00:31:23,200 --> 00:31:25,600
Yeah, there's, there's, there's,
can you get competitive

623
00:31:25,600 --> 00:31:26,960
attention?
It's tricky because you've got a

624
00:31:26,960 --> 00:31:30,520
20% more nearly a 20%
shareholder there in, in if

625
00:31:30,520 --> 00:31:34,200
there was any change of control
that is ZG in owning like, yeah,

626
00:31:34,200 --> 00:31:36,760
19.4% of the stock in, in
Zanadu.

627
00:31:36,880 --> 00:31:39,640
It's kind of no one else kind of
comes to play normally in those

628
00:31:39,640 --> 00:31:42,120
situations unless you did
another strategic placement to

629
00:31:42,240 --> 00:31:45,040
someone else at a premium.
That is a very interesting

630
00:31:45,040 --> 00:31:47,280
point.
Could they do another deal at a

631
00:31:47,280 --> 00:31:51,560
premium with, I don't know, an
IGO, someone like that to try

632
00:31:51,560 --> 00:31:52,360
and.
Create different.

633
00:31:53,040 --> 00:31:55,840
To try and create a bit of
tension and I had to do a bit of

634
00:31:55,840 --> 00:31:57,240
digging into this one and they
they.

635
00:31:57,240 --> 00:31:59,320
Have the full right to like
Zijin.

636
00:31:59,480 --> 00:32:01,880
Can Zijin?
Do they have any power over

637
00:32:01,880 --> 00:32:03,560
them?
So I went back to the 2022

638
00:32:03,560 --> 00:32:06,800
announcement and found in the
footnotes some wording around

639
00:32:06,800 --> 00:32:08,840
this.
The company, being Xanadu, has

640
00:32:08,840 --> 00:32:11,800
granted Zijin the right to a
reasonable opportunity to

641
00:32:11,800 --> 00:32:13,880
participate in future capital
raisings.

642
00:32:14,440 --> 00:32:18,440
A reasonable opportunity.
So that gets very legally and

643
00:32:18,440 --> 00:32:19,960
it's not.
It's not a top up, right?

644
00:32:20,000 --> 00:32:23,160
That's not yeah.
Yeah, I you'd have to be a

645
00:32:23,160 --> 00:32:25,000
lawyer to sort of fight that one
out.

646
00:32:25,000 --> 00:32:25,920
I don't, I don't know, get
loose.

647
00:32:26,160 --> 00:32:27,360
Yeah.
Because they say, you know,

648
00:32:27,880 --> 00:32:31,440
subject to the limitations and
conditions, they would give them

649
00:32:31,440 --> 00:32:34,280
very short notice in which
decision would have to reply,

650
00:32:34,360 --> 00:32:40,120
yada yada yada.
So OK, yeah, I don't that that

651
00:32:40,120 --> 00:32:44,640
seems like a a hard one to kinda
get done and stay within the

652
00:32:44,640 --> 00:32:46,080
bounds of the agreement.
But who?

653
00:32:46,120 --> 00:32:50,240
How many?
Mobs are going to be find it

654
00:32:50,240 --> 00:32:53,160
palatable to go into bed with
Seijin as well.

655
00:32:53,160 --> 00:32:55,440
No, Yeah, well get.
That enough to limit.

656
00:32:55,640 --> 00:32:57,920
You're not quite going into bed,
but like, let's say you did a

657
00:32:58,120 --> 00:33:02,880
strategic placement at a
premium, then Seijin, I now know

658
00:33:02,880 --> 00:33:05,000
that they have to pay up.
So you, you basically you kind

659
00:33:05,000 --> 00:33:07,480
of just get a short term trade
on it or, or you go into bed,

660
00:33:07,560 --> 00:33:09,640
but you have to be open, open
minded too.

661
00:33:09,800 --> 00:33:12,400
Let's say if you can sort of
have good line of sight on to

662
00:33:12,400 --> 00:33:16,720
getting an uplift within sort of
a relatively short amount of

663
00:33:16,720 --> 00:33:18,520
time, that's why you would kind
of do it.

664
00:33:18,520 --> 00:33:21,800
I'm not necessarily thinking
another mining house to to come

665
00:33:21,800 --> 00:33:25,000
in and buy a stake in the
business because that that gets

666
00:33:25,040 --> 00:33:28,560
a bit difficult.
It's not that like it's not that

667
00:33:28,560 --> 00:33:32,080
bad if you, I mean if you think
about it like if, if you don't

668
00:33:32,080 --> 00:33:35,400
have to be operator of it, but
you get the copper exposure like

669
00:33:35,400 --> 00:33:37,320
heaps of people on copper
exposure and they don't have to

670
00:33:37,320 --> 00:33:40,560
do any work.
And what else is Zagin like?

671
00:33:40,560 --> 00:33:43,800
Because looking at that option C
like where it would sell half it

672
00:33:43,800 --> 00:33:48,600
said as Zagin and pretty much
provide an IRU that obviously

673
00:33:48,600 --> 00:33:52,200
shows how bullish Zagin are on
copper lot.

674
00:33:52,200 --> 00:33:54,080
They're they're obviously
wanting the copper exposure.

675
00:33:54,080 --> 00:33:56,360
They've obviously got it with
Ivanhoe.

676
00:33:56,680 --> 00:33:58,760
They produced over a million
tonnes of copper last year.

677
00:33:58,760 --> 00:34:00,800
They're one of the biggest
copper producers on the planet.

678
00:34:00,880 --> 00:34:03,160
Yeah.
So it'd be wonderful.

679
00:34:03,720 --> 00:34:07,360
And and now it's a link back to
the old Freeland as well with

680
00:34:07,480 --> 00:34:09,880
Turquoise Hill and everything.
But do you think like Ivanhoe

681
00:34:09,880 --> 00:34:12,800
would be interested in something
like that with the Sage in

682
00:34:12,800 --> 00:34:16,199
existing partnership?
It did pop in my mind.

683
00:34:16,199 --> 00:34:18,520
I'm just not as close with with
Ivanhoe.

684
00:34:18,520 --> 00:34:21,239
I know they've got a lot on
their plate and like we've sort

685
00:34:21,239 --> 00:34:23,960
of said with other miners
focusing on getting what you've

686
00:34:23,960 --> 00:34:26,840
got on your plate right,
expanding, that is where you're

687
00:34:26,840 --> 00:34:29,000
gonna see the most amount of
value uplift.

688
00:34:29,000 --> 00:34:32,040
And you know, especially
considering KK now at 600,000

689
00:34:32,040 --> 00:34:34,719
tonnes per annum.
It's like, yeah, totally

690
00:34:34,719 --> 00:34:37,360
different quality asset to this
one, yeah.

691
00:34:38,000 --> 00:34:40,040
Yeah.
Brio's in the area you've got.

692
00:34:42,560 --> 00:34:45,360
It's that they used to be called
Poly metal, and they've just

693
00:34:45,360 --> 00:34:49,239
left Russia and now they have.
Yeah, Now every name's a solid

694
00:34:49,239 --> 00:34:50,760
core.
And then go and ham on

695
00:34:50,760 --> 00:34:52,679
Kazakhstan.
It's all right next door.

696
00:34:52,679 --> 00:34:55,280
Yeah, maybe.
It's nearby.

697
00:34:55,280 --> 00:34:56,440
They want, yeah.
It's got to be.

698
00:34:57,040 --> 00:34:59,040
Yeah.
So one of the other things to

699
00:34:59,040 --> 00:35:01,040
raise again, which you
mentioned, the sort of Western

700
00:35:01,040 --> 00:35:04,280
versus Eastern, if you like
CapEx build, that'll become a

701
00:35:04,280 --> 00:35:06,840
part of the negotiation.
And it's a, it's a good thing in

702
00:35:06,840 --> 00:35:09,080
my opinion, that Zetan will
build it because I think they

703
00:35:09,080 --> 00:35:12,400
can build it cheaper, you know,
and the, the number that we're

704
00:35:12,400 --> 00:35:17,040
going to see in the PFS won't be
the number that Siegen, I think

705
00:35:17,520 --> 00:35:19,480
will believe that they can build
the thing in.

706
00:35:20,200 --> 00:35:23,640
So that's something to, to kind
of bear in mind, I reckon.

707
00:35:23,640 --> 00:35:24,840
So it's a, it's a kind of fine
line.

708
00:35:24,840 --> 00:35:28,880
Now for Xanadu, like you said at
the beginning, it's, it's game

709
00:35:28,880 --> 00:35:31,280
day.
You know, if they've got a short

710
00:35:31,280 --> 00:35:33,560
amount of time or hopefully a
short amount of time where they

711
00:35:33,560 --> 00:35:37,920
just really need to fire up and
try and get maximum value for

712
00:35:37,920 --> 00:35:40,000
their shareholders, They're only
kept at 100 million.

713
00:35:40,360 --> 00:35:45,000
Like I said, it's a, a project
with AUS 600 million plus NPV

714
00:35:45,000 --> 00:35:48,080
with, you know what you'd kind
of call a modest copper price

715
00:35:48,080 --> 00:35:50,360
assumption, a modest gold price
assumption.

716
00:35:50,360 --> 00:35:52,680
Obviously costs will have gone
up a bit.

717
00:35:52,680 --> 00:35:55,520
But then again, you do have
siege in, in the in the driver's

718
00:35:55,520 --> 00:35:59,000
seat and the process could come
a bit, become a bit drawn out,

719
00:35:59,000 --> 00:36:00,640
but it's a super interesting
one.

720
00:36:00,640 --> 00:36:03,000
I think we should stay, stay
focused.

721
00:36:03,000 --> 00:36:05,840
On yeah, I was trying to figure
out if asymmetric, like like if,

722
00:36:05,960 --> 00:36:08,960
if the nice, the more upside or
downside.

723
00:36:08,960 --> 00:36:12,880
And it's I can see from both
ways because like the way you

724
00:36:12,880 --> 00:36:15,920
describe the JV now, Zijin's
kind of in control of that.

725
00:36:15,920 --> 00:36:18,440
And whenever someone else is in
control, like kind of, you know,

726
00:36:18,440 --> 00:36:21,480
they're in control of the jet.
I know there's like equal rights

727
00:36:21,480 --> 00:36:23,720
on the budget and all that sort
of stuff, but you always get a

728
00:36:23,720 --> 00:36:25,680
bit nervous in those sort of JV
arrangements without knowing the

729
00:36:25,680 --> 00:36:28,120
full details of how the JV
structured and everything like

730
00:36:28,120 --> 00:36:30,000
that.
On the budget side, you could

731
00:36:30,000 --> 00:36:33,320
see like, you know, the big
gamesmanship, you might even,

732
00:36:34,600 --> 00:36:37,560
yeah, you might even not approve
the budget and drag things out

733
00:36:37,560 --> 00:36:39,680
and go slow ball and try get an
outcome that way.

734
00:36:39,960 --> 00:36:42,920
I'd love to see a royalty spun
out like or a royalty retained

735
00:36:42,920 --> 00:36:43,640
by Xanadu.
I just.

736
00:36:44,040 --> 00:36:47,880
US $16 billion of revenue over
the base on the base case.

737
00:36:47,880 --> 00:36:51,880
I know they're hard to
negotiate, but like no, like we

738
00:36:51,880 --> 00:36:54,840
talked about the potential of
having a royalty with kind of

739
00:36:54,840 --> 00:36:56,920
the fuel low transaction that
never came to fruition.

740
00:36:56,920 --> 00:37:01,000
But yeah, those those kind of
like transactions that result in

741
00:37:01,640 --> 00:37:04,320
like they would say Hosanna do
sell their interest in the JV

742
00:37:04,320 --> 00:37:06,040
but return to royalty like
that's such an interesting

743
00:37:06,040 --> 00:37:08,600
vehicle, you know, but it
probably probably probably ever

744
00:37:08,600 --> 00:37:09,440
happened.
Yeah.

745
00:37:09,440 --> 00:37:14,080
I mean, you could kind of call
that 25% project ownership in a

746
00:37:14,080 --> 00:37:16,600
way a quirky kind of.
Yeah, Royalty.

747
00:37:16,640 --> 00:37:18,960
Vehicle.
Yeah, it's interesting, Yeah.

748
00:37:19,400 --> 00:37:21,640
Yeah.
I should be getting a bloody

749
00:37:21,640 --> 00:37:23,880
royalty from live wire with this
friggin hat on.

750
00:37:23,920 --> 00:37:25,360
You should.
You should chase enough for that

751
00:37:25,440 --> 00:37:27,520
mate.
No, they're offset by all the

752
00:37:27,560 --> 00:37:31,000
bloody the negative comments on
the Uranium 1.

753
00:37:31,000 --> 00:37:35,360
Can we have the more polite lady
back rather than this?

754
00:37:35,360 --> 00:37:37,080
I did, I did.
I'll get that on for you.

755
00:37:37,280 --> 00:37:39,720
I didn't see that but I did see
a comment saying where can I

756
00:37:39,720 --> 00:37:41,640
pick up one of those snazzy live
wire hats.

757
00:37:41,960 --> 00:37:44,560
You did.
You did drum up a bit of his

758
00:37:44,560 --> 00:37:46,320
mate.
Before I get on to the Paladin

759
00:37:46,320 --> 00:37:49,320
fission things, Z Gin just
reminds me what the wonder what

760
00:37:49,320 --> 00:37:53,200
the hell is happening with AVZ
if that's going to come to some

761
00:37:53,200 --> 00:37:56,880
court sort of outcome soon.
I did hear some juicy word on

762
00:37:56,880 --> 00:37:58,960
the decline.
I'm not sure if should be

763
00:37:58,960 --> 00:38:03,360
disclosed, but things are things
are in motion on a on a sort of

764
00:38:03,360 --> 00:38:05,400
legal front.
So I think there's some sort of

765
00:38:05,400 --> 00:38:09,360
timeline on things now at least
until the next decision is made.

766
00:38:09,360 --> 00:38:11,360
You know that's what happens
after that, but.

767
00:38:13,040 --> 00:38:18,160
We haven't forgotten anyway, I
Speaking of just something else,

768
00:38:19,280 --> 00:38:24,040
hell of a vision deal, so that
the not not much to report here,

769
00:38:24,040 --> 00:38:27,200
but just it's just not going to
plan.

770
00:38:27,200 --> 00:38:30,520
It appears and I remember when
we said like fuck, once the

771
00:38:30,520 --> 00:38:34,480
votes over the line, like you're
pretty much home, but not not

772
00:38:34,480 --> 00:38:37,440
the case in this one.
So and and it's for the fucking

773
00:38:37,440 --> 00:38:39,200
weird, right?
I wouldn't say weird.

774
00:38:39,200 --> 00:38:43,720
It's like, yeah, it's hard to
properly substantiate this, but

775
00:38:43,720 --> 00:38:47,160
they're trying the artist.
And so because the final court

776
00:38:47,160 --> 00:38:50,360
here in Canada that's still
ongoing expected to deliver a

777
00:38:50,360 --> 00:38:53,200
decision in the coming weeks.
But then yesterday the Canadian

778
00:38:53,480 --> 00:38:57,000
Minister for Innovation, Science
and Industry ordered a national

779
00:38:57,000 --> 00:39:00,200
security review of the scheme of
arrangement.

780
00:39:00,400 --> 00:39:05,120
So and it's to do with China's
CGN mining being a 11 and a bit

781
00:39:05,120 --> 00:39:07,960
percent shareholder in vision.
How does that make sense?

782
00:39:07,960 --> 00:39:10,360
Because you normally object if
it was the acquirer that had the

783
00:39:10,480 --> 00:39:11,880
Chinese interest.
Well, I think they're talking.

784
00:39:11,880 --> 00:39:14,040
About what the pro forma is
going to be, which is going to

785
00:39:14,040 --> 00:39:17,040
be significantly less than 10.
Such a stretch.

786
00:39:17,040 --> 00:39:18,720
Yeah, yeah.
And I think because it's and

787
00:39:19,200 --> 00:39:22,400
they're going to be a, you know,
a minority shareholder by the

788
00:39:22,400 --> 00:39:24,200
end of it.
So you're diluting the Chinese

789
00:39:24,200 --> 00:39:27,000
ownership in the pro forma and
yet you're objecting to that?

790
00:39:27,160 --> 00:39:30,360
Yeah, but then and but the most
interesting thing is that CGM

791
00:39:30,360 --> 00:39:32,840
were voting against the deal,
yes, because, because.

792
00:39:33,320 --> 00:39:35,920
I don't know if you like, we
peeled through the scheme Doc,

793
00:39:35,920 --> 00:39:38,120
the information circular and
someone else had bid for

794
00:39:38,120 --> 00:39:41,120
fission, Maddie, which we our
theory was it was CGN had said

795
00:39:41,120 --> 00:39:43,440
for fission earlier this year.
Yeah.

796
00:39:43,440 --> 00:39:45,040
And it didn't, didn't, didn't go
ahead.

797
00:39:45,040 --> 00:39:46,520
So that's why they were objected
to it.

798
00:39:46,600 --> 00:39:48,920
Yeah, yeah.
So they're they're the sort of

799
00:39:48,920 --> 00:39:51,640
the cause of this, but they were
voting against the deal anyway,

800
00:39:51,680 --> 00:39:55,720
which makes it so just a.
Quick one, Maddie, this Canadian

801
00:39:55,720 --> 00:39:59,440
minister from, you know, the the
Office of Innovation, Science

802
00:39:59,440 --> 00:40:03,400
and Industry ordering a national
security review, is this

803
00:40:03,400 --> 00:40:07,480
analogous to a Ferb review or is
this a different thing to what

804
00:40:07,480 --> 00:40:10,680
they call Ferb over there?
I can't give an answer.

805
00:40:10,800 --> 00:40:12,960
This is that Investment Canada
Act.

806
00:40:12,960 --> 00:40:14,680
Remember all that all?
That is the investment.

807
00:40:14,680 --> 00:40:16,280
Canada is the investment because
I know that's what they

808
00:40:16,280 --> 00:40:18,120
mentioned.
Earlier, that was the stuff that

809
00:40:18,120 --> 00:40:21,440
was all talked about like two
months ago, yeah, ramped up and

810
00:40:21,480 --> 00:40:23,280
that that.
Was what was mentioned

811
00:40:23,280 --> 00:40:26,400
specifically in the announcement
subject to Canadian Investment

812
00:40:26,400 --> 00:40:27,280
Act?
Approval.

813
00:40:27,280 --> 00:40:29,840
That's what this is, yeah.
So there and there and because,

814
00:40:29,880 --> 00:40:33,720
but and this is a part of it.
This was the Curry wrote it in

815
00:40:33,920 --> 00:40:37,200
the far article, but not sure if
this is a part as well that

816
00:40:37,400 --> 00:40:43,560
because you got Chinas CNNC also
hold 25% ownership at a project

817
00:40:43,560 --> 00:40:46,000
level of Langa Heinrich, which
would be obviously part of the

818
00:40:46,320 --> 00:40:49,440
pro forma on the paladin side.
So like I don't know if they

819
00:40:49,440 --> 00:40:51,880
look at it right.
If you had that project

820
00:40:51,920 --> 00:40:55,360
ownership, it's fun.
It's out there and it's like a

821
00:40:55,480 --> 00:40:58,680
last straw tempt on who's
driving this.

822
00:40:59,000 --> 00:41:02,960
If it's purely can it regulatory
driving it or yeah, because

823
00:41:02,960 --> 00:41:07,360
because the pro forma is going
to be dual listed on TSX and TSX

824
00:41:07,640 --> 00:41:12,360
and Chinese minority shareholder
with the project, it just might

825
00:41:12,360 --> 00:41:16,920
this might just be where Canada
is heading like which we saw

826
00:41:16,920 --> 00:41:19,960
about you know the previous news
about you know foreign

827
00:41:19,960 --> 00:41:21,880
investment in there.
Like this might be the sort of

828
00:41:21,880 --> 00:41:25,920
first little play it really.
It's such a it's.

829
00:41:25,920 --> 00:41:29,040
Like battening down the hatches
a bit, but it's, it's friggin,

830
00:41:29,560 --> 00:41:32,720
as I said, the fact that that
votes got over the line just

831
00:41:32,720 --> 00:41:36,120
which was, and there was some
scepticism on what shares were

832
00:41:36,120 --> 00:41:39,440
used in to do that, like
employee shares and everything,

833
00:41:39,440 --> 00:41:40,840
because I just got over the
line.

834
00:41:40,840 --> 00:41:44,520
And now, now this, it's, it is
blowing out.

835
00:41:44,520 --> 00:41:46,640
And it'd be interesting to see
if these regulators have the

836
00:41:46,640 --> 00:41:49,560
final say on it.
It's such a defensive

837
00:41:49,560 --> 00:41:52,760
protectionist perspective that
they're, they're kind of taking

838
00:41:52,760 --> 00:41:56,800
as opposed to, you know,
building a solid foundation for

839
00:41:56,800 --> 00:41:59,120
all of your miners to operate
and be successful, whether that

840
00:41:59,120 --> 00:42:02,280
be through tax benefits and, and
these sorts of things.

841
00:42:02,320 --> 00:42:05,640
It's, it's so much more, you
know, protectionist saying that

842
00:42:05,640 --> 00:42:08,160
you can't do that, you can't buy
this, you can't get involved

843
00:42:08,160 --> 00:42:09,800
here.
I think there could be a a

844
00:42:10,400 --> 00:42:12,160
different way to kind of look at
this without getting too

845
00:42:12,160 --> 00:42:16,800
political to build a solid
foundation for your miners to do

846
00:42:16,800 --> 00:42:19,640
well as opposed to just saying,
you know, because this could

847
00:42:20,600 --> 00:42:23,160
damage exploration.
Like we sort of discussed in the

848
00:42:23,160 --> 00:42:26,720
past, if there's less exit
opportunities, you know, have

849
00:42:26,720 --> 00:42:28,880
less potentially less money
going to exploration and these

850
00:42:28,880 --> 00:42:31,560
sorts of things if they think
half the potential buyers are no

851
00:42:31,560 --> 00:42:33,000
longer allowed to buy the
projects.

852
00:42:33,360 --> 00:42:35,400
So.
Any other thing I can think of

853
00:42:35,400 --> 00:42:40,920
is if they're they're trying to
minimise the Chinese ownership

854
00:42:40,920 --> 00:42:46,920
so they can keep the uranium in
North America in the future so

855
00:42:46,920 --> 00:42:51,160
it's not obligated to go there,
but how do you control that?

856
00:42:51,240 --> 00:42:52,520
You can still sign an off take
with.

857
00:42:52,520 --> 00:42:53,920
China, if you want it, would
make if.

858
00:42:53,920 --> 00:42:56,600
They're not a shareholder.
It would make so much more sense

859
00:42:56,600 --> 00:42:59,240
to have that, you know, the
stuff being mined in your

860
00:42:59,240 --> 00:43:02,200
country, streamline the
permitting processes, you know,

861
00:43:02,240 --> 00:43:05,040
do all that more effectively.
So there are, you know, a couple

862
00:43:05,040 --> 00:43:08,720
more mines or bigger scale mines
in your country as opposed to

863
00:43:08,720 --> 00:43:11,280
just slapping their hand when
they're trying to buy something.

864
00:43:11,320 --> 00:43:14,240
God, you, you can see our bloody
weird.

865
00:43:14,240 --> 00:43:16,240
What you thinking is imagine
running the companies and

866
00:43:16,240 --> 00:43:19,640
liaising with these people.
God, pick your eyes out.

867
00:43:20,480 --> 00:43:22,160
Yeah, bloody out there.
What?

868
00:43:22,160 --> 00:43:25,360
You what?
Essentially I've provided

869
00:43:25,360 --> 00:43:28,720
nothing off you.
It's like I just don't.

870
00:43:29,000 --> 00:43:30,960
It's just weird.
Yeah, the only way could make

871
00:43:30,960 --> 00:43:37,560
sense to me is if the JV partner
at Lang Heinrich who they have

872
00:43:37,720 --> 00:43:39,400
the off take.
Right.

873
00:43:40,080 --> 00:43:41,440
I don't know if they've got all
of it.

874
00:43:41,440 --> 00:43:41,880
I'm not.
Sure.

875
00:43:42,280 --> 00:43:44,960
Yeah.
So what if they had the if only

876
00:43:44,960 --> 00:43:47,360
if they had like to write a
first refusal on any other

877
00:43:47,680 --> 00:43:51,120
future production from Paladin
and any operation that would

878
00:43:51,120 --> 00:43:53,560
include that would include
vision if they did.

879
00:43:53,720 --> 00:43:55,440
That's the only hypothesis that
could actually.

880
00:43:55,440 --> 00:43:57,400
But I don't think that just
seems like such a strategy too.

881
00:43:58,080 --> 00:44:01,240
Yeah, it's like are they going
to ban exporting uranium to

882
00:44:01,240 --> 00:44:02,560
China?
Like that's it.

883
00:44:02,560 --> 00:44:03,400
I don't know.
Who knows.

884
00:44:03,480 --> 00:44:04,640
Who knows what laws are going to
come in.

885
00:44:04,640 --> 00:44:06,920
Sounds like there's going to be
that many independent fricking

886
00:44:06,920 --> 00:44:12,280
countries and geographies in the
world coming up soon possibly if

887
00:44:12,280 --> 00:44:15,640
Russia detaching itself from
Russia bloody this.

888
00:44:15,640 --> 00:44:17,560
They don't want anything to do
with China here.

889
00:44:17,560 --> 00:44:21,080
It's it's very weird, but
unfortunately they're all

890
00:44:21,080 --> 00:44:23,640
connected in the vertical
integration of all this stuff at

891
00:44:23,640 --> 00:44:25,560
the moment of everything.
So.

892
00:44:25,720 --> 00:44:27,240
Bring on the West Australian
secession.

893
00:44:28,040 --> 00:44:29,760
Yeah.
Well, we're at it.

894
00:44:29,960 --> 00:44:32,600
I'll be right.
I'll sort it out in Parliament.

895
00:44:32,960 --> 00:44:36,400
So right now, good work boys.
Love you work.

896
00:44:37,400 --> 00:44:39,480
Enjoy tomorrow's episode
everyone.

897
00:44:39,480 --> 00:44:42,520
She's a bit of a Corker, JD
interviewing one of the old

898
00:44:42,520 --> 00:44:44,920
school mining magnates of.
Australia.

899
00:44:44,920 --> 00:44:45,920
You know who else we love?
Maddie.

900
00:44:46,120 --> 00:44:49,720
Who do you love?
JD Love MMSI love them too.

901
00:44:49,840 --> 00:44:54,000
Like grounded cross boundary
energy, Sandvik ground support

902
00:44:54,000 --> 00:44:55,360
God it feels good saying that
name.

903
00:44:55,480 --> 00:44:58,080
How good is it?
CRE insurance, Greenland and

904
00:44:58,080 --> 00:45:02,720
equipment K Drill, MTS,
Australian earthworks and

905
00:45:02,720 --> 00:45:06,240
haulage.
And don't forget to use a Spark

906
00:45:06,240 --> 00:45:10,400
Charter.
Right Urdu Money Miners Urdu The

907
00:45:10,400 --> 00:45:12,920
information contained in this
episode of Money of Mine is of

908
00:45:12,920 --> 00:45:15,000
general nature only and does not
take into account the

909
00:45:15,000 --> 00:45:18,600
objectives, financial situation
or needs of any particular

910
00:45:18,600 --> 00:45:20,640
person.
Before making any investment

911
00:45:20,640 --> 00:45:23,680
decision, you should consult
with your financial advisor and

912
00:45:23,680 --> 00:45:26,840
consider how appropriate the
advice is to your objectives,

913
00:45:27,040 --> 00:45:29,040
financial situation and needs.