GGPChat

I think people should watch the Newcrest end of year presentation. If you do you’ll realise that the other locations in their portfolio take precedent over Havieron at the moment. Of the one hour presentation I would estimate that only 3-4 minutes are spent on Havieron including the questions. That’s not to say the rest isn’t interesting. It’s good to know what our JV partner is up to. Newcrest made US$872m last year down from US$1.2b the year before. Their dividend was 27.5c which was decent compared with previous years but down from 2021. The most interesting slide to me however was the one highlighting the expected expenses in FY23. In this they have allocated US$70-85m for Havieron. That’s an increase of the lower figure of 7.7% from last year and is nearly 10% of their total profit. Just think about that. That’s a big wedge of their profit allocated for developing the mine at Havieron. It also gives an insight why they decided not to pay $60m for the 5%. Also if we turn the figures around, if $70-85m represents Newcrest’s 70% of the expected expenses, Greatland’s 30% may not be as high as we originally thought.