Hi A..... You may recall both Newcrest and Ok Tedi took...

Hi A.....
You may recall both Newcrest and Ok Tedi took substantial placements in cementing their JV's with FNT. Another example Barrick - substantial equity uptake in COY when their JV was looking promising.
I will be surprised if Newcrest go back in and Barrick seem to be loosening ties with PNG. But would seem those unplaced shares could be a bit of a carrot (and raise cash) to get a decent partner in.

Just quietly, with their PNG history, I would give Rio a very wide berth, enough problems already.

Other interesting PNG JV's at present: Highlands above the Ok Tedi mine with Anglo American as operator in the Star Mtns., but bad one with PanAust/GRAM at Frieda. Chinese JV's need a very close scrutiny first off...e.g. Highlands again, at Ramu, Chinese operation, good Ni and Co but no return to Highlands (except debt reductions) 10 plus years on, and difficulties (whenever aren't there in PNG mining ops., not least because of the attitude of the operators - not always, of course - as well as the land owners...as you know relationship difficulties are endemic there) with the LO's, mainly due the various Govt agencies not passing on the royalties ....same at the Gas project. If they keep it up they are inviting another Bougainville, and nobody wants to see that....common sense and decency needs to prevail. The rush to blame landowners is a problem in itself....it's a management and respectful understanding of the others' view thing(or lack thereof), which ends up with messed up projects in PNG.
The other heavyweight now recovering well from post GST difficulties is Harmony....they have now taken Newcrest's other 50% of Hidden Valley (which project has it's own problems ongoing), but with 5o% of the absolute elephant at Wafi Golpu (some of the intervals of quite high copper are right up with the best I've ever seen) they most probably won't be after another JV in PNG (who knows though???).I'm a bit unsure that the Chinese attitude to the locals bodes well for any JV. Respect is an overused word, but it is everything between parties in PNG....lose respect and you are pretty well done.....of course Peter McNeil knows and understands how all this works from experience, and if he can put together a good JV or two with sufficient funding, all may be well...hopefully.
Bulago (Bulago!!) assays need to be good this time, no room for error, no 'onion skins' etc.
Alt, you and the gd have worked hard on FNT and I hope your (and our) faith is rewarded.

Nice day to all.