“SIMEC Mining’s due diligence work is reaching a decision point...

“SIMEC Mining’s due diligence work is reaching a decision point and the results of its work, in conjunction with the recent drilling results, appear to be positive for the possible commercialisation of Havilah’s iron ore projects."

Yes we can quip about not getting some more dollars for a further extension but I still see this as very positive. SIMEC continuing their due diligence tells me that they're still very much interested. This makes me think that the ore body must have the characteristics, grades and volumes that they are looking for. Or else they would have pulled out.

30 days suggests that they must be close to completing their due diligence (PFS).

Negotiations with HAV would be the next big hurdle. How to create a win win for both parties. HAV has an ore body without the capital/resources to bring it to production. SIMEC have the resources/capital to bring a new mine into production, they need more ore for their export and steel making businesses so they need to lock in more ore reserves.


I don't think it's an understatement to say that if a deal goes ahead it's a game changer for HAV. Don't like the delay, but i'm taking this as positive news.

I bought some November options a few weeks back for 0.6c on the possibility of this deal with SIMEC. Then they dropped to 0.2c a week later. After this announcement i'm feeling better about my purchase. Risk reward looking better al the time.

If I wasn't fully loaded on HAV I would buy more as the risk reward at 14.5c favours reward in my estimate.

Justhavinago