IN SPECIE DISTRIBUTION OF CURNAMONA ENERGY SHARES
Havilah Resources NL’s (Havilah - ASX :HAV) previously announced intention for an in specie distribution of Curnamona Energy shares will be put to shareholders as a resolution at the forthcoming Annual General Meeting. If the Australian Taxation office grants demerger taxation relief as it has done in the past in similar situations, the Curnamona Energy shares should be tax free in the hands of Havilah shareholders. Existing Havilah option holders will be given adequate time to exercise their options ahead of the record date for entitlements, should they wish to do so. Depending on the number of Havilah options exercised ahead of the share distribution, Havilah shareholders would receive 1 Curnamona Energy share for each 3.3 to 3.7 Havilah shares held, assuming that Havilah distributes 80% of its present holding (ie 24 million shares). Based on Curnamona’s share price over the last two months this would equate to a return of approximately 30 to 40 cents per Havilah share.
However, HAV doesn't just have Au and Cu in their tenements. Cobalt, Iron Ore, Uranium and REE also feature.Kalkaroo is one of the largest undeveloped open pit copper-gold deposits in Australia on a CuEq Ore Reserve basis.
Shares in Havilah Resources have rocketed 85.3 per cent higher to 31.5¢ after it signed a binding term sheet with OZ Minerals to potentially sell its Kalkaroo copper-gold project for $205 million.
OZ Minerals has 18 months to decide whether it will acquire the project.
(nobody had it in the comp??)
Looks like this is all approved aside from HAV shareholder approval, which will no doubt be given with the HAV board recommending the transaction. This looks like a good result for HAV and if the copper price keeps rising it will just sweeten the deal.
HAV up another 28.57% to 36c today.
You'd have to think it was a positive. Shareholders to meet soon; the last step .I wonder if the BHP-OZL thing will affect this?
A HAVILAH SHARE BUYS AN INTEREST IN THE FOLLOWING MINERAL ASSETS
- An advanced stage multi-commodity minerals portfolio in South Australia, comprising over 1.3 Mt copper, 3.2 Moz gold, 43.4 kt cobalt and 450 Mt iron ore in JORC resources.
- Kalkaroo copper-gold-cobalt project, one of the largest undeveloped open pit copper-gold deposits in Australia, containing an Ore Reserve (90% Proved) of over 100 Mt at a CuEq grade of 0.89%.
- Mutooroo copper-cobalt project, one of the largest and highest grade sulphide cobalt deposits in Australia with associated copper.
- Grants Basin iron ore project, one of the largest iron ore discoveries in Australia in the last decade, located only a few kilometres from a railway line.
- Over 16,000 km² exploration tenement holding in the Curnamona Craton, a proven world class mineral terrain that is host to the giant Broken Hill orebody.
BHP has decided to pull out of a deal with Havilah Resources (ASX:HAV), dealing a significant blow to the development of the Kalkaroo copper and gold project in northeastern South Australia. The decision has sent Havilah Resources' shares spiraling down by more than 20%.I wonder if the BHP-OZL thing will affect this?
BHP has decided to pull out of a deal with Havilah Resources (ASX:HAV), dealing a significant blow to the development of the Kalkaroo copper and gold project in northeastern South Australia. The decision has sent Havilah Resources' shares spiraling down by more than 20%.
BHP had initially acquired the Kalkaroo project through its $9.6 billion takeover of OZ Minerals last year. However, the company has now informed Havilah Resources that it will not exercise an option to acquire the Kalkaroo project, causing a 24% drop in Havilah's share price. Havilah's shares resumed trading on Wednesday at just 21 cents.
Michelle Ash, BHP's copper growth vice president, released a statement explaining the decision, indicating that BHP will redirect its efforts toward integrating OZ's Carrapateena and Prominent Hill copper mines with BHP's Olympic Dam mine and Oak Dam prospect in South Australia. She stated, "We believe that Kalkaroo is an attractive copper asset that will be developed, but our focus is on optimization of the Gawler Craton copper assets, specifically the West Musgrave nickel-copper mine near the WA border."
As opposed to this posting on ICN Gateway regarding BHP and specifically Sth Aust.Kalkaroo is one of the largest undeveloped (my bold) open pit copper-gold deposits in Australia on a CuEq Ore Reserve basis.
Our South Australian Operations consist of three primary mine assets being Carrapateena, Prominent Hill and Olympic Dam, containing some of the world's most significant deposits of copper, gold and uranium.
Carrapateena produces copper concentrate and is one of the largest mining projects in South Australia in the last decade. The Carrapateena Operation is located 472 kilometers north-west of Adelaide, South Australia and is located on the traditional land of the Kokatha people.
Prominent Hill produces one of the highest grades of copper concentrate in the world. The Prominent Hill Operation is located 650 kilometers north-west of Adelaide, South Australia, and is located on the traditional lands of the Antakirinja Matu-Yankunytjatjara people.
developed vs undeveloped, yep ... And while we think these are proximous, it's nearly 200km between mines.One can understand the BHP decision on the Kalkaroo project:
As opposed to this posting on ICN Gateway regarding BHP and specifically Sth Aust.
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