1 00:00:00,040 --> 00:00:04,040 Righto Money Waters, Welcome back to another week brought to 2 00:00:04,040 --> 00:00:09,600 you by the trusted advisers and consistent advisers in drill 3 00:00:09,600 --> 00:00:13,080 hole Survey, Instrumentation Access Mining technology. 4 00:00:13,520 --> 00:00:17,360 Give them a call, they will consistently pick up the phone 5 00:00:17,360 --> 00:00:22,000 with a guru on the other end. On to some more inconsistent 6 00:00:22,000 --> 00:00:25,560 news. The Australian government. 7 00:00:26,320 --> 00:00:29,160 Oh Jesus Christ, we're getting political these days. 8 00:00:29,160 --> 00:00:34,040 Holy snapping duck shit. It's a bit of a bit of a sad day 9 00:00:34,120 --> 00:00:35,800 for the mining industry, I'd say. 10 00:00:36,000 --> 00:00:40,440 Yeah, she's buddy. Talk about some potential 11 00:00:40,440 --> 00:00:43,240 precedents being set for the future. 12 00:00:43,280 --> 00:00:45,680 Maybe. Fucking lot happening. 13 00:00:46,000 --> 00:00:47,800 Lot happening. We'll, we'll get it. 14 00:00:47,800 --> 00:00:51,880 We're talking about the Bloody Mcfillimy's Regis project in New 15 00:00:51,880 --> 00:00:56,520 South Wales, pretty much getting the foot put on it by the 16 00:00:56,520 --> 00:00:59,560 environment environmental minister after they pretty much 17 00:01:00,440 --> 00:01:02,920 did everything asked for him. So asked of them. 18 00:01:02,920 --> 00:01:04,239 So crazy. Yeah. 19 00:01:04,239 --> 00:01:06,000 So we're going to get right into that. 20 00:01:06,000 --> 00:01:07,880 This will be the. This is the headline for the 21 00:01:07,880 --> 00:01:09,160 day. Bloody. 22 00:01:09,640 --> 00:01:11,360 Yeah. There's a lot of moving parts 23 00:01:11,360 --> 00:01:13,280 here, JD. You've even got a bit of silver 24 00:01:13,280 --> 00:01:14,640 chat. Yeah. 25 00:01:14,640 --> 00:01:16,760 Good. Silver, I mean, it's a it's a 26 00:01:16,760 --> 00:01:20,760 pretty similar story at at silver mines also in NSW also a 27 00:01:20,760 --> 00:01:23,360 project that's not going to be going ahead anytime soon. 28 00:01:23,360 --> 00:01:26,800 So I think we can wrap the, the two stories in and around each 29 00:01:26,800 --> 00:01:29,440 other and then just have a good discussion about the, the 30 00:01:29,440 --> 00:01:31,800 ramifications. I mean, you, you say perhaps a 31 00:01:31,840 --> 00:01:34,520 precedent for the industry. Let's let's kind of hope not, 32 00:01:34,520 --> 00:01:36,360 right? Yeah, God, we're literally 33 00:01:36,400 --> 00:01:39,280 talking about everything in NSW. I've even got a sneaky one at 34 00:01:39,280 --> 00:01:45,520 the back about antimony which is yeah another NSW 1 mate. 35 00:01:45,800 --> 00:01:48,800 Fucking as a proud New South Welshman and we've won the State 36 00:01:48,800 --> 00:01:51,680 of Origin but only God they could do better on the friggin 37 00:01:51,680 --> 00:01:54,680 mining front. Far out driving me nuts. 38 00:01:55,440 --> 00:01:58,480 I think that Antimony one has a strong bit of China about it. 39 00:01:58,480 --> 00:02:00,360 Yeah, interesting to chat about it. 40 00:02:00,360 --> 00:02:02,720 But it's in NSW, Yeah, anyway, anyway. 41 00:02:03,120 --> 00:02:04,080 Yeah, Yeah. No, no, no, yeah. 42 00:02:04,080 --> 00:02:05,640 It's where I cut my teeth, Jardo. 43 00:02:06,760 --> 00:02:08,520 Right. Let's, let's get into it. 44 00:02:08,520 --> 00:02:15,440 So Regis's, Mcfilmy's project, the, I think we've talked about 45 00:02:15,440 --> 00:02:17,080 it a bit. It was, you know, going to be 46 00:02:17,080 --> 00:02:21,280 their, their growth story you'd say, but you know, the DDFS sort 47 00:02:21,280 --> 00:02:26,240 of come back with, you know, pretty hefty CapEx grade was 48 00:02:26,240 --> 00:02:29,040 sort of, you know, it's like A1 gramme joby. 49 00:02:29,360 --> 00:02:31,080 It's going to be a big operation. 50 00:02:31,120 --> 00:02:34,400 They're going through a big process with getting all the 51 00:02:34,440 --> 00:02:37,440 approvals for a lot of years. Then there's Section 10. 52 00:02:37,440 --> 00:02:40,320 Come along. That was the I guess 3. 53 00:02:40,320 --> 00:02:45,360 Four years ago, big. Overhang and effectively now the 54 00:02:45,440 --> 00:02:49,680 environmental minister Tanya Plibersek has pretty much put a 55 00:02:49,680 --> 00:02:54,320 foot on it and said parts of the project which are is essentially 56 00:02:54,320 --> 00:03:00,480 where the TSF has to go. Tiling storage facility is can't 57 00:03:00,480 --> 00:03:05,760 go there because of cultural significance of the land to a 58 00:03:05,760 --> 00:03:09,320 set of traditional owners. But there's a lot to go through. 59 00:03:09,320 --> 00:03:10,360 It's a lot. Of nuance. 60 00:03:10,600 --> 00:03:14,880 Oh right, so for those who don't know this Mcfillummy's project, 61 00:03:14,880 --> 00:03:18,640 this has they Regis actually bought this back in 2012 from 62 00:03:18,640 --> 00:03:23,680 Newmont and Alkane. 150 million bucks all in shares at 4 bucks 63 00:03:23,680 --> 00:03:26,400 20 a share. So the share price is now $1.60 64 00:03:26,400 --> 00:03:32,040 today. PFS was done in 2017, DFS come 65 00:03:32,040 --> 00:03:37,640 out this year 2024. So look at 7 million tonne per 66 00:03:37,640 --> 00:03:42,280 annum operation for about I think average 187,000 oz a year. 67 00:03:43,240 --> 00:03:45,880 You know, CapEx was sorted up in the billions. 68 00:03:46,440 --> 00:03:50,120 It was one of those ones even at a, you know, high gold prices, a 69 00:03:50,200 --> 00:03:56,000 bit of a lower IRR project. But for this project to if it 70 00:03:56,000 --> 00:03:58,760 was ever gonna work it, you know, it has to all be in the 71 00:03:58,760 --> 00:04:02,200 one spot and it doesn't it's not like a you can just truck a bit 72 00:04:02,200 --> 00:04:06,680 up the road sort of thing. And but we're in a rising gold 73 00:04:06,680 --> 00:04:09,600 price environment. So but this was this is just 74 00:04:09,600 --> 00:04:14,040 really put a bit of a temporary, temporary Nile in the coffin, 75 00:04:14,120 --> 00:04:18,160 unfortunately. Yeah, but look, shit load to go 76 00:04:18,160 --> 00:04:20,440 through. So 'cause they went into Regis, 77 00:04:20,440 --> 00:04:24,200 went into the trading halt on Friday morning bit after lunch 78 00:04:24,320 --> 00:04:28,360 Sydney time, Yeah. And announcement out today 79 00:04:28,360 --> 00:04:31,240 detailing that as we said, the Federal Minister for Environment 80 00:04:31,240 --> 00:04:34,560 and Water, Tanya Plibersek, she was, she was appointed in June 81 00:04:34,560 --> 00:04:36,800 2022. So she's bloody made a 82 00:04:36,800 --> 00:04:40,600 declaration of protection over part of the approved Mcfillimmys 83 00:04:40,600 --> 00:04:45,520 Gold project, which applies primarily to freehold land 84 00:04:45,960 --> 00:04:49,600 ultimately owned by Regis but under section 10 of the 85 00:04:49,600 --> 00:04:53,280 Aboriginal and Torres Strait Islander Heritage Protection 86 00:04:53,280 --> 00:04:55,360 Act. So pretty much where that TFTSF 87 00:04:55,360 --> 00:05:01,200 scan can't put it there because of these, I guess the start of 88 00:05:01,200 --> 00:05:04,080 these, this river, the river's name. 89 00:05:04,080 --> 00:05:08,360 And this game is like a huge surprise to everyone, including 90 00:05:08,400 --> 00:05:12,480 Regis, who who had a call today to sort of brief everybody about 91 00:05:12,480 --> 00:05:14,400 this. I mean, this project had already 92 00:05:14,400 --> 00:05:18,920 been assessed and approved under both state and Commonwealth 93 00:05:18,920 --> 00:05:23,000 legislation. So this, this announcement sort 94 00:05:23,000 --> 00:05:27,320 of over the weekend from Minister Plibersex essentially 95 00:05:27,480 --> 00:05:31,280 overridden conclusions that were already made at those state and 96 00:05:31,320 --> 00:05:33,480 federal levels, including her own office. 97 00:05:33,720 --> 00:05:35,000 Yeah. The first part that comes 98 00:05:35,000 --> 00:05:38,320 through earlier last year was the IPCI think Independent 99 00:05:38,320 --> 00:05:40,640 Planning Commission. So that went through that whole 100 00:05:40,640 --> 00:05:46,480 process that was approved. Then you had the EPGEPBC Yep, 101 00:05:46,960 --> 00:05:51,680 part of it, which was actually which was approved by you guess 102 00:05:52,120 --> 00:05:57,160 the the head of NSW and ICT environment and water, which is 103 00:05:57,160 --> 00:06:01,520 actually a, you know, part of blipper second Chris Bowen's 104 00:06:01,840 --> 00:06:04,760 body division. So they've they've actually 105 00:06:04,760 --> 00:06:09,040 approved it, but then she's come in now and actually just shit 106 00:06:09,040 --> 00:06:12,120 canned the whole thing effectively, but claiming that 107 00:06:12,120 --> 00:06:15,840 this will not stop the mine. Just saying they have to find a 108 00:06:16,120 --> 00:06:20,320 another location for the TSF. But if it was that friggin 109 00:06:20,320 --> 00:06:25,880 simple, you'd do it like Jim by went through in the call about 110 00:06:26,280 --> 00:06:27,880 you can't just move it like that. 111 00:06:27,880 --> 00:06:32,400 That area for the TSF being assessed like geotechnically, 112 00:06:32,520 --> 00:06:37,520 water floor and fauna safety and everything is the most 113 00:06:37,520 --> 00:06:41,160 appropriate place for that TSF. And to go through the whole 114 00:06:41,160 --> 00:06:45,120 process again of finding another spot for approvals is like 115 00:06:45,120 --> 00:06:47,040 essentially another five to 10 years. 116 00:06:47,400 --> 00:06:50,600 So it just ain't that simple. It might be to someone, to the 117 00:06:50,600 --> 00:06:53,320 government, but practically it just doesn't work like that. 118 00:06:54,040 --> 00:06:57,120 Yeah, we can. We can keep that IPC in mind. 119 00:06:57,120 --> 00:07:00,960 They'll they'll come into play with the the silver mines story 120 00:07:00,960 --> 00:07:04,080 in a little bit as well. And to wrap a bit more kind of 121 00:07:04,080 --> 00:07:06,960 narrative around a lot of people asking, you know, why can't you 122 00:07:06,960 --> 00:07:10,880 just sort of fence off this area if it if it is like that on on 123 00:07:10,880 --> 00:07:12,680 the call. And just for people wondering 124 00:07:12,920 --> 00:07:16,280 why or what the answer to that might be, it is essentially the 125 00:07:16,280 --> 00:07:20,080 whole tailings area. There is no way around this. 126 00:07:21,000 --> 00:07:26,080 Interesting looking at the like, you can't help but look at the 127 00:07:26,080 --> 00:07:29,000 political side of thing of this, because when one person just 128 00:07:29,000 --> 00:07:31,600 puts a foot down, you got to look at the history of it. 129 00:07:31,840 --> 00:07:38,320 So this Tanya Plibersek, Minister Plibersek seems like 130 00:07:38,360 --> 00:07:41,480 there's been a bit of done a bit of both and Create had a bit of 131 00:07:41,480 --> 00:07:45,280 backlash last year because she actually in terms of blocking 132 00:07:45,280 --> 00:07:49,160 mines because she blocked Clive Palm as that central QLD coal 133 00:07:49,160 --> 00:07:52,960 project in 2023, citing potential pollution of the Great 134 00:07:52,960 --> 00:07:55,200 Barrier Reef, which is 10 KS away. 135 00:07:55,480 --> 00:07:59,560 Also rejected another two coal mines in central QLD last year. 136 00:07:59,760 --> 00:08:02,800 But she also approved 4 coal mines last year. 137 00:08:03,000 --> 00:08:06,960 But as a result of that, she and the two companies that she 138 00:08:06,960 --> 00:08:09,960 approved and for Whitehaven and Mack were then taken to the 139 00:08:09,960 --> 00:08:14,400 Federal Court by this Central Environmental Council of Central 140 00:08:14,400 --> 00:08:17,120 QLD. Regarding the expansion of the 141 00:08:17,120 --> 00:08:19,920 the Narrabri underground and the Mount Pleasant mine, both in 142 00:08:19,920 --> 00:08:23,400 NSW, They'll sort, they're talking about Great Barrier Reef 143 00:08:23,400 --> 00:08:26,720 protection, but those mines are in NSW, so I can't figure that 144 00:08:26,720 --> 00:08:30,320 one out. And then she also approved 151 145 00:08:30,320 --> 00:08:33,480 coal seam gas wells in Queensland this year for the 146 00:08:33,480 --> 00:08:36,640 Cenex Atlas project, which is Gina Rinehart backed. 147 00:08:36,960 --> 00:08:40,880 So whatever's going on here after like, you know, approving 148 00:08:40,880 --> 00:08:43,280 that thing, going to court and then not approving ones, it's 149 00:08:43,280 --> 00:08:47,840 like what is actually happening, especially considering leading 150 00:08:47,840 --> 00:08:51,240 into a federal election either at the end of this year or the 151 00:08:51,240 --> 00:08:56,000 start of next year. So not consistent as we said. 152 00:08:56,200 --> 00:08:58,680 No. And I mean even like looking at 153 00:08:58,680 --> 00:09:04,160 the the the media release from the the IPC, this is from a from 154 00:09:04,200 --> 00:09:07,440 a state level back in March of last year. 155 00:09:07,440 --> 00:09:10,040 It says the Commission finds that on balance, the project 156 00:09:10,040 --> 00:09:13,160 this is Macphillum is is in the public interest and the 157 00:09:13,160 --> 00:09:15,880 application is consistent with the objectives of the 158 00:09:15,920 --> 00:09:18,000 Environmental Planning and Assessment Act. 159 00:09:19,400 --> 00:09:23,320 And that the Commission noted found that the positive impacts 160 00:09:23,760 --> 00:09:25,920 resulting from the project, including employment, training, 161 00:09:25,920 --> 00:09:28,600 investment and additional economic activity will outweigh 162 00:09:28,600 --> 00:09:33,960 the negative impacts. So, and then you've had the the, 163 00:09:34,200 --> 00:09:38,320 the further approval here from the Department of Climate 164 00:09:38,440 --> 00:09:43,480 Change, Energy, Environment and Water as well also proved May of 165 00:09:43,480 --> 00:09:46,320 last year. That's the sub one under bloody 166 00:09:46,320 --> 00:09:49,800 the the ministers for that are Plibersec and Chris Bowen. 167 00:09:49,800 --> 00:09:51,920 Yeah, yeah. And like, and you look at it 168 00:09:51,920 --> 00:09:55,600 there, it says like decision approved controlling provision, 169 00:09:55,880 --> 00:10:01,520 listed threatened species and communities and signed off by 170 00:10:01,520 --> 00:10:05,160 the branch head for environmental assessments in NSW 171 00:10:05,160 --> 00:10:07,280 and ICT. And I think I think there was a 172 00:10:07,280 --> 00:10:10,520 mention in the Regis announcement here, what they're 173 00:10:10,520 --> 00:10:15,760 citing now wasn't even talked about or mentioned as part of 174 00:10:15,760 --> 00:10:18,400 the whole approval process prior to this. 175 00:10:18,400 --> 00:10:23,160 This has just come out now. Yeah, from what I remember. 176 00:10:23,320 --> 00:10:24,960 Yeah, yeah, yeah, you spot on. Maddie. 177 00:10:24,960 --> 00:10:27,600 I can read a little snippet from the announcement that kind of 178 00:10:27,600 --> 00:10:32,360 relates to that one, the referral made by Regis under the 179 00:10:32,360 --> 00:10:35,080 EPBC Act, including an assessment on Aboriginal 180 00:10:35,080 --> 00:10:38,120 cultural heritage, which at the time the Minister's delegate did 181 00:10:38,120 --> 00:10:40,800 not note as a point of concern for the project. 182 00:10:41,480 --> 00:10:45,200 Like back in the like the Section 10 back in October 2020, 183 00:10:45,520 --> 00:10:50,720 like as we said, this was they deemed like that any potential 184 00:10:50,720 --> 00:10:54,200 harm to Aboriginal heritage can be acceptably managed through 185 00:10:54,200 --> 00:10:58,080 conditions of consent. It was assessed and approved in 186 00:10:58,080 --> 00:11:02,840 May 2023 by the by the delegate delegate. 187 00:11:02,920 --> 00:11:06,840 And then you had the Orange local Aboriginal Land Council 188 00:11:06,840 --> 00:11:09,440 were engaged in the process and they're the actual and we'll get 189 00:11:09,440 --> 00:11:11,960 to this bit. They're the actual statutory. 190 00:11:13,360 --> 00:11:15,840 They hold the legal authority to speak for this. 191 00:11:16,320 --> 00:11:18,320 Land that part, that part of the land. 192 00:11:19,280 --> 00:11:25,200 And then so the the traditional owners that they're talking 193 00:11:25,200 --> 00:11:27,800 about today are actually different. 194 00:11:27,800 --> 00:11:29,480 They're not part of that orange one. 195 00:11:29,480 --> 00:11:32,400 I think these ones are closer to to Bathurst. 196 00:11:33,240 --> 00:11:35,840 So it's like a different set of traditional owners that have 197 00:11:35,840 --> 00:11:39,600 like, you know, laid claim to this being of cultural 198 00:11:39,600 --> 00:11:41,440 significance. Like to my understanding, 199 00:11:41,440 --> 00:11:45,760 there's no like actual like physical artefacts or, or 200 00:11:45,760 --> 00:11:49,960 anything that it is just like a cultural significance. 201 00:11:50,120 --> 00:11:56,000 So Regis are essentially claiming that, you know, the, 202 00:11:56,040 --> 00:12:00,680 the decision by the minister is essentially unprecedented 'cause 203 00:12:00,680 --> 00:12:05,520 it's like contradicts both the EPBC and the IPC approval 204 00:12:05,520 --> 00:12:09,840 process that was done by our own department, the EPBC. 205 00:12:10,400 --> 00:12:13,120 And it's just vetoed them the whole thing. 206 00:12:14,920 --> 00:12:17,520 And it's, it's worth tying into that, Maddie, that they were 207 00:12:17,520 --> 00:12:20,080 pretty eager on the call to stress that this is freehold 208 00:12:20,080 --> 00:12:23,680 land, essentially land owned by Regis, which is, you know, used 209 00:12:23,680 --> 00:12:26,640 for, for grazing cattle and whatnot, as it has been for a 210 00:12:26,640 --> 00:12:29,560 couple 100 years now. It's not Crown land. 211 00:12:29,560 --> 00:12:32,000 That was just something that really stuck out from the, you 212 00:12:32,000 --> 00:12:33,240 know, from the call today. Yeah. 213 00:12:33,240 --> 00:12:38,840 So essentially cattle have been eating there and shitting in 214 00:12:38,840 --> 00:12:41,400 that river for bloody hundreds of years. 215 00:12:41,720 --> 00:12:45,680 And this, this what they've put in place today. 216 00:12:45,680 --> 00:12:49,800 And the the way it seems like the way and Jim mentioned it on 217 00:12:49,800 --> 00:12:52,720 the call, the way they interpret it that even now what because of 218 00:12:52,720 --> 00:12:56,840 this, you can't even have cattle on the land, which has been been 219 00:12:56,840 --> 00:12:58,800 there for ages, hundreds of years. 220 00:12:59,840 --> 00:13:02,880 You can't do you can't even essentially got to fence it off 221 00:13:02,880 --> 00:13:06,480 and protect it. So it was all, all on the basis 222 00:13:06,480 --> 00:13:10,640 of the, the mining side. So and that's setting a 223 00:13:10,640 --> 00:13:14,960 precedent for I know. And look, we talked about like 224 00:13:14,960 --> 00:13:17,040 last year when that was potentially we're going down 225 00:13:17,040 --> 00:13:22,280 this road in WA about the whole, what was it like the traditional 226 00:13:22,320 --> 00:13:25,360 owner approvals for everything, which could have applied for 227 00:13:25,360 --> 00:13:28,000 bloody farmers and, and everything to get all these 228 00:13:28,000 --> 00:13:30,520 surveys done. And like, this is essentially 229 00:13:30,520 --> 00:13:31,640 pretty similar. Yeah. 230 00:13:31,640 --> 00:13:34,560 What what's happening here? So because like, this land is 231 00:13:34,560 --> 00:13:40,840 owned by owned by Regis. So yeah, buddy. 232 00:13:40,840 --> 00:13:44,480 Oh, so it's, we're fucking learning a lot at the moment. 233 00:13:44,480 --> 00:13:45,840 JC Learning. A lot talking. 234 00:13:45,840 --> 00:13:49,200 About politics, politics, I never paid an interest till I 235 00:13:49,480 --> 00:13:51,520 did this. And this is, interestingly, on 236 00:13:51,520 --> 00:13:54,280 the back of just recently, the whole Jabiluka thing. 237 00:13:55,080 --> 00:13:57,280 As well, Yeah. Very only a couple of weeks ago, 238 00:13:57,280 --> 00:13:59,800 like bloody putting their foot on that side. 239 00:13:59,800 --> 00:14:01,720 Now that's going into Kakadu National Park. 240 00:14:01,720 --> 00:14:05,080 We're just making the decision right now and there's another 241 00:14:05,080 --> 00:14:10,000 questions about who is actually being properly engaged in this 242 00:14:10,000 --> 00:14:14,680 process. And who is the right people to 243 00:14:14,680 --> 00:14:18,920 engage as part of this process? Because I think one one comment, 244 00:14:20,320 --> 00:14:24,800 which which is quite important is this is not so much an 245 00:14:24,800 --> 00:14:28,880 argument of, you know, whether a site is sacred and should be 246 00:14:29,000 --> 00:14:31,160 protected. We're all for responsible 247 00:14:31,160 --> 00:14:34,600 mining, doing things the right way and working collectively 248 00:14:34,600 --> 00:14:37,600 with the traditional owners. This is more so a discussion 249 00:14:37,600 --> 00:14:41,240 about the process. How can you say this is OK and 250 00:14:41,240 --> 00:14:46,280 approved and then it's not? That's what I don't understand. 251 00:14:46,440 --> 00:14:50,720 If this was identified as part of these, these processes that 252 00:14:50,720 --> 00:14:53,320 are set up by the government, say, hey, look, I know we've 253 00:14:53,320 --> 00:14:56,920 identified a few sites for ATSF, but this is not one that you can 254 00:14:56,920 --> 00:14:59,600 do. Regis would have then, you know, 255 00:14:59,800 --> 00:15:03,000 done the work to, you know, advance other alternatives at 256 00:15:03,000 --> 00:15:05,440 that time. But that's already been and gone 257 00:15:05,440 --> 00:15:07,320 now. So why are we talking about that 258 00:15:07,320 --> 00:15:09,400 now? Again, I'm just, I'm also 259 00:15:09,400 --> 00:15:14,400 confused if there's this, there's a process that's been 260 00:15:14,400 --> 00:15:18,560 followed and you know, supposedly the right parties 261 00:15:18,560 --> 00:15:23,120 have been engaged, consulted as they should and then this has 262 00:15:23,120 --> 00:15:25,080 happened. I just don't understand. 263 00:15:25,360 --> 00:15:29,360 MMM and and cause the the were were Rogery people that she's 264 00:15:29,360 --> 00:15:32,600 cited as the you know, the T OS that she's engaged with here. 265 00:15:32,600 --> 00:15:36,320 But it sounds like then this orange local Aboriginal land 266 00:15:36,320 --> 00:15:39,320 council that were the people that Regis were engaged with. 267 00:15:39,320 --> 00:15:44,360 I'm not not sure if this the were Rajory people were if Regis 268 00:15:44,360 --> 00:15:46,960 engaged with them or they didn't know that they were gonna claim 269 00:15:47,320 --> 00:15:48,920 ownership of that part of the land. 270 00:15:48,920 --> 00:15:51,280 Like to say like. Yeah, they couldn't. 271 00:15:51,480 --> 00:15:55,080 Sounds like like Regis could not have done any more than they 272 00:15:55,080 --> 00:15:57,800 possibly could have done in terms of very much following the 273 00:15:58,000 --> 00:16:00,040 regular true process. And. 274 00:16:00,120 --> 00:16:02,360 That's that's super well said, Ally. 275 00:16:03,080 --> 00:16:05,040 Yeah, I totally agree with what you've said there. 276 00:16:05,040 --> 00:16:06,920 And I'll, I'll put a pin on it 'cause I think we can chat about 277 00:16:06,920 --> 00:16:09,480 it more after the, the silver mines 'cause I think there's 278 00:16:09,480 --> 00:16:12,960 heaps of comments to be made about the the process. 279 00:16:12,960 --> 00:16:15,840 I just add that readers still don't have a heap of 280 00:16:15,840 --> 00:16:18,360 information. They're they're still waiting on 281 00:16:18,360 --> 00:16:21,120 the, you know, sort of quote unquote official ruling or 282 00:16:21,120 --> 00:16:25,040 whatever it's called from the government to understand what 283 00:16:25,040 --> 00:16:28,800 exactly is gone down and what they can do going on forward 284 00:16:28,800 --> 00:16:31,160 from here. Because you look at the, I guess 285 00:16:31,280 --> 00:16:34,320 we'd say the site, the impact of it, the social and economic 286 00:16:34,320 --> 00:16:36,920 impact. So they're saying 500 and 80 287 00:16:36,920 --> 00:16:41,120 full time jobs in construction, around 290 when in production, 288 00:16:41,360 --> 00:16:44,440 about 200 million bucks worth of state royalties to the state. 289 00:16:45,160 --> 00:16:49,360 The directed indirect benefits it can provide to local 290 00:16:49,360 --> 00:16:53,040 indigenous communities benefits and opportunities to local 291 00:16:53,040 --> 00:16:56,960 businesses, local communities like You can just see the impact 292 00:16:56,960 --> 00:17:02,600 that a decision from 1 politician can have a. 100% and 293 00:17:02,600 --> 00:17:05,720 you even had the the head of a MEC, Warren Pierce sort of 294 00:17:05,720 --> 00:17:10,440 echoed these comments as well in an Amex statement. 295 00:17:10,440 --> 00:17:13,880 And it was also in the AFR around the decision sort of 296 00:17:13,880 --> 00:17:17,240 claiming that sort of, as we discussed before, Indigenous 297 00:17:17,240 --> 00:17:19,920 groups in NSW had differing views about the significance of 298 00:17:19,920 --> 00:17:22,520 the side question if the right people had been listened to. 299 00:17:22,839 --> 00:17:25,040 And as Warren said, this decision affects the local 300 00:17:25,040 --> 00:17:27,520 community of Blaney. The traditional owners and the 301 00:17:27,520 --> 00:17:32,920 mining industry described it as a lose, lose, lose situation. 302 00:17:33,520 --> 00:17:37,240 That's when it's 3 + 3 + 1 = 1. -5 or. 303 00:17:38,360 --> 00:17:40,840 Something it's it's three. So yeah, anyway, this has been 304 00:17:40,840 --> 00:17:43,680 going on for frigging years. Like as you said, asset purchase 305 00:17:43,680 --> 00:17:48,680 in 2012, PFS from 2017, a bits. A bits happened since 2017. 306 00:17:48,720 --> 00:17:53,040 I mean, Trump has been and gone, COVID has been gone, Brexit has 307 00:17:53,040 --> 00:17:55,000 happened. You were still on the jumbo. 308 00:17:55,000 --> 00:17:57,000 I was just learning the jumbo. You were just learning the 309 00:17:57,000 --> 00:17:59,280 jumbo. Me and JD were young 310 00:17:59,280 --> 00:18:01,000 whippersnappers at Argonaut still. 311 00:18:01,000 --> 00:18:06,400 I mean a lot's happened since then compared to other sort of 312 00:18:06,400 --> 00:18:11,280 major projects and their approvals in Australia as well. 313 00:18:11,600 --> 00:18:17,000 So guys, sort of taking all that information in, what do you 314 00:18:17,000 --> 00:18:20,560 think this ultimately means for Regis going forward with 315 00:18:20,600 --> 00:18:24,600 Mcfillemys? The the first thing that kinda 316 00:18:24,600 --> 00:18:28,920 springs to mind and I mean we're, we're at 2024 now this 317 00:18:28,920 --> 00:18:31,560 investment was made in 2012 a $150 million. 318 00:18:31,560 --> 00:18:35,000 Of course it was in in script like, yeah, you guys said at the 319 00:18:35,000 --> 00:18:37,320 beginning there. But it doesn't scream out as a 320 00:18:37,520 --> 00:18:42,080 stellar investment. And, you know, was this project 321 00:18:42,080 --> 00:18:44,160 really going to go ahead? We can kind of have another 322 00:18:44,160 --> 00:18:46,480 debate about that. We we spoke about this when the 323 00:18:46,480 --> 00:18:48,840 DFS came out and the numbers didn't look too good just a 324 00:18:48,840 --> 00:18:50,800 month or so ago. What do you reckon, Maddie? 325 00:18:51,200 --> 00:18:54,800 Oh, and it look, it's to the point it's like nearly the 326 00:18:54,800 --> 00:18:58,680 project is irrelevant in this this story today in terms of 327 00:18:58,680 --> 00:19:02,080 just the whole process and the precedents it sets. 328 00:19:02,080 --> 00:19:07,600 Like it's heavily wided to. I guess to say it's a a poor 329 00:19:08,080 --> 00:19:13,160 investment is sort of impacted by the fact of how long the 330 00:19:13,160 --> 00:19:16,000 approvals and how difficult it's been and the time and money 331 00:19:16,000 --> 00:19:18,840 they've had to spend on that side of things that it sounds 332 00:19:18,840 --> 00:19:20,520 like was fucking out of their control. 333 00:19:21,480 --> 00:19:22,600 Absolutely agreed. Yeah. 334 00:19:22,600 --> 00:19:27,040 Yeah, but, and I do agree it's like, and we'll get into the 335 00:19:27,200 --> 00:19:30,160 like what other options they've got, but it just looks like this 336 00:19:30,160 --> 00:19:35,080 project is for it to work, it has to all be there. 337 00:19:35,120 --> 00:19:39,040 It has to probably all go right. It has to like there's a, there 338 00:19:39,040 --> 00:19:42,080 is issues with it in terms of like it's a 0 discharge. 339 00:19:42,080 --> 00:19:46,440 So that's a lot of capital has to go into, you know, ponds and 340 00:19:46,680 --> 00:19:49,000 can't just like run water out of it. 341 00:19:49,000 --> 00:19:51,240 What they went, they went through all that to try and 342 00:19:51,560 --> 00:19:55,400 like, and it's a, you know, it's a big capital investment, but 343 00:19:55,520 --> 00:19:59,160 potentially, potentially long life and you might make your 344 00:19:59,560 --> 00:20:03,160 money back from it eventually. But it's, it seemed to has to be 345 00:20:03,160 --> 00:20:07,160 done this way to work. So yeah, it's why they could 346 00:20:07,160 --> 00:20:10,440 have got the weather dependent on the bloody gold price and how 347 00:20:10,440 --> 00:20:12,320 they fund it. And if there's bloody hedging in 348 00:20:12,320 --> 00:20:14,600 place, determines whether they're going to whether it'd be 349 00:20:14,600 --> 00:20:17,160 a very profitable operation at the moment. 350 00:20:17,160 --> 00:20:22,280 But yes, it wasn't a wasn't screaming out as a like a a low 351 00:20:22,280 --> 00:20:23,520 risk play? No. 352 00:20:24,440 --> 00:20:27,880 But that's low risk from an operational standpoint, right? 353 00:20:28,040 --> 00:20:30,760 Yeah, yeah. So I guess they're two separate 354 00:20:30,760 --> 00:20:32,360 issues in a way. Yeah. 355 00:20:32,720 --> 00:20:38,360 And even like financially, right as as you said JD, you know, I 356 00:20:38,360 --> 00:20:42,400 think a lot of people out in the market sort of discounted 357 00:20:42,440 --> 00:20:47,320 Mcfillimy's as a true growth option for for Regis on the on 358 00:20:47,320 --> 00:20:49,480 the basis of, you know, financials at least anyway. 359 00:20:49,480 --> 00:20:54,400 I mean consensus NAV for Mcfillimy's was about $0.20 or 360 00:20:54,400 --> 00:21:00,000 $150 million, which is about 12% of Regis's market cap. 361 00:21:00,400 --> 00:21:07,680 And you know finally that Regis Mcfeely contributes about 60% of 362 00:21:08,080 --> 00:21:13,600 Regis's reserve. So, but I think there could be 363 00:21:14,320 --> 00:21:18,880 as as difficult as as A and shocking of the news as this is, 364 00:21:20,080 --> 00:21:23,960 you could see it as a silver lining for Regis. 365 00:21:23,960 --> 00:21:28,720 I mean, given the sort of the financial and the operational 366 00:21:28,960 --> 00:21:32,920 elements, you know, was it better for Regis to go, hey, 367 00:21:32,920 --> 00:21:38,160 we've done the work and we've actually got more interesting 368 00:21:38,160 --> 00:21:39,480 and attractive options over here. 369 00:21:39,480 --> 00:21:41,800 So we're going to kill this one or have the government kill it 370 00:21:41,800 --> 00:21:45,640 for you to give, to give you a good sort of, you know, not 371 00:21:45,640 --> 00:21:51,200 excuse, but a reason to focus your attention elsewhere rather 372 00:21:51,200 --> 00:21:53,480 than making that call themselves. 373 00:21:53,680 --> 00:21:56,400 Yeah. And it's, it's a go, it's a gold 374 00:21:56,400 --> 00:21:58,400 price bet. Like, you know, if gold's bloody 375 00:21:58,880 --> 00:22:01,640 4000 bucks an ounce by the time this is mined and they haven't 376 00:22:01,640 --> 00:22:03,040 got too much hedging commitments. 377 00:22:03,040 --> 00:22:05,040 And you know, they probably would make good money out of it 378 00:22:05,040 --> 00:22:07,240 just because of the because of the scale of it. 379 00:22:08,160 --> 00:22:10,560 But it's like, you know, a billion dollars worth of CapEx 380 00:22:11,160 --> 00:22:13,160 to get it there. And and a lot of that CapEx is 381 00:22:13,160 --> 00:22:16,720 tied up in what the water pipeline to get the sufficient 382 00:22:16,720 --> 00:22:19,480 amount of water there to well, I think it was about 100 odd mil. 383 00:22:20,400 --> 00:22:23,480 And then as I said, the ponds because of the 0 discharge the 384 00:22:23,480 --> 00:22:27,080 mill like that there was about 6 or 700 million just in that sort 385 00:22:27,080 --> 00:22:32,280 of key infrastructure to process it and maintain the site. 386 00:22:32,280 --> 00:22:35,640 So that's what the question is right. 387 00:22:36,160 --> 00:22:39,360 Is there any other option outside of this because this 388 00:22:39,360 --> 00:22:41,920 comes back to the hole. It sounds like it's freaking. 389 00:22:42,200 --> 00:22:46,840 It is becoming increasingly difficult, and in this case near 390 00:22:46,840 --> 00:22:52,680 impossible, to build and permit processing plant. 391 00:22:53,040 --> 00:22:55,480 Even if you do. It by the book in Australia. 392 00:22:55,480 --> 00:23:00,200 So it's it's like the only one the only one near there is 393 00:23:00,200 --> 00:23:03,120 Cadia. It's about 40 or probably 5040 394 00:23:03,120 --> 00:23:07,720 to 50 KS away. You know, big 36 million tonne 395 00:23:07,720 --> 00:23:09,720 per annum plant owned by Newmont. 396 00:23:11,360 --> 00:23:15,440 Look would could Regis bloody just they it sounds like they 397 00:23:15,440 --> 00:23:18,480 could mine this mine. They just can't put ATSF in 398 00:23:18,480 --> 00:23:20,240 there, which means you can't put a mill in. 399 00:23:20,640 --> 00:23:24,720 Could they actually mine it truck it bloody 50 KS. 400 00:23:25,080 --> 00:23:29,160 If you negate, you know, half a billion dollars worth of CapEx 401 00:23:29,160 --> 00:23:33,720 to do that, would that work? I think with the sounds like 402 00:23:33,720 --> 00:23:36,720 they'd still have to put in a lot of that pond infrastructure 403 00:23:36,720 --> 00:23:41,600 'cause it's a 0 discharge site, 1 gramme dirt tracking it 50 KS 404 00:23:42,280 --> 00:23:45,960 probably too small for a bloody Newmont to even consider. 405 00:23:47,120 --> 00:23:50,480 So it's probably just the economics just don't really add 406 00:23:50,480 --> 00:23:51,920 up. It just as I said before, it 407 00:23:51,920 --> 00:23:55,200 sounds like if this operation was gonna work, it has to be all 408 00:23:55,200 --> 00:24:00,360 in the same spot run efficiently on a big scale to actually bring 409 00:24:00,360 --> 00:24:03,920 in the chalkies. So it's they're very they're 410 00:24:03,920 --> 00:24:09,560 essentially being they're on hold until there's a bloody 411 00:24:09,560 --> 00:24:12,720 either doesn't look like there's going to be a backflip on the 412 00:24:12,720 --> 00:24:15,880 decision from this government. They're literally be hoping for, 413 00:24:15,880 --> 00:24:18,640 like they said, they're going to go down the legal route with it. 414 00:24:18,640 --> 00:24:21,680 But it'd either have to be a change in government that would 415 00:24:21,680 --> 00:24:26,600 actually put this throat or something in the High Court to 416 00:24:26,600 --> 00:24:30,120 actually overturn it. Which gigs you'd be bloody. 417 00:24:30,120 --> 00:24:32,160 That could take freaking years. Yeah. 418 00:24:32,560 --> 00:24:36,640 And I guess so. I mean, what's what's next? 419 00:24:36,640 --> 00:24:39,800 I mean, there was sort of a lot of questions on the call today 420 00:24:39,800 --> 00:24:45,120 with with Jim about sort of, you know, as how does you know, 421 00:24:45,120 --> 00:24:47,480 capital get reallocated potentially from, you know, 422 00:24:47,480 --> 00:24:50,000 Mcfillimmys to their other sites and things like that. 423 00:24:50,000 --> 00:24:52,240 But they're I think they're just trying to understand the 424 00:24:52,240 --> 00:24:56,080 situation themselves and get some sort of definitive plan and 425 00:24:56,080 --> 00:24:58,800 timing on what this actually means full of them. 426 00:24:58,800 --> 00:25:02,200 But you know, of course we can, we can certainly speculate about 427 00:25:02,200 --> 00:25:04,840 what what that means for them next. 428 00:25:05,720 --> 00:25:10,000 I think my conclusion is it's pretty much put an L in the 429 00:25:10,000 --> 00:25:13,480 coffin for their growth project, whether you believed in it as a 430 00:25:13,480 --> 00:25:18,280 growth project or not. They are even more desperate for 431 00:25:18,280 --> 00:25:21,480 for something outside of you know, Dukeden and Tropicana. 432 00:25:22,160 --> 00:25:27,520 What it could be, I don't know. Is it, is it organic? 433 00:25:27,520 --> 00:25:31,480 Is it more work at, you know, Dukeden, you know, that is their 434 00:25:31,480 --> 00:25:34,280 only asset that they operate. Tropicana they've got a non 435 00:25:34,280 --> 00:25:38,440 operating interest in. Do they do something inorganic? 436 00:25:38,440 --> 00:25:42,560 You know, do they buy something in and around their area or 437 00:25:42,560 --> 00:25:45,440 around that Laverton, Leonora region? 438 00:25:45,920 --> 00:25:48,720 Who knows? Yeah, God, that bloody God. 439 00:25:48,720 --> 00:25:52,160 They could buy a spa, but that's like fuck, that's like 1 1/2 440 00:25:52,160 --> 00:25:55,360 billion dollars there. So and then you've got to put 441 00:25:55,360 --> 00:25:57,920 the capital in as well for the for the mill and everything. 442 00:25:57,960 --> 00:26:04,640 So it's like, yeah, there, this is definitely the right, the 443 00:26:04,640 --> 00:26:08,080 right disco Cos this is not going to be a like if it did get 444 00:26:08,120 --> 00:26:10,680 overturned or whatever, like that's years down the road. 445 00:26:11,200 --> 00:26:14,080 Well, after the time they need the friggin gold. 446 00:26:14,160 --> 00:26:16,880 But even if it was overturned, you'd think like, what's the, 447 00:26:17,200 --> 00:26:20,160 what's the chance like something like this could happen again and 448 00:26:20,160 --> 00:26:22,800 not just within, you know, we'll probably touch on a bit more 449 00:26:22,800 --> 00:26:26,160 later, not just within regions portfolio, but other companies 450 00:26:26,160 --> 00:26:27,520 portfolios as well. It does. 451 00:26:27,520 --> 00:26:29,560 It does make you a little nervous. 452 00:26:29,720 --> 00:26:31,480 Yeah. So it's like I think the whole. 453 00:26:32,320 --> 00:26:33,560 Even if you are trying to do the right. 454 00:26:33,560 --> 00:26:36,600 Thing what's been thrown around Gold Rd's, the one that keeps 455 00:26:36,800 --> 00:26:40,200 getting thrown around for Regis tying up with them. 456 00:26:41,200 --> 00:26:44,120 As I said, whether something around that Laverton district. 457 00:26:44,120 --> 00:26:47,240 We run the ruler over Bloody Magnetic the other week and that 458 00:26:47,240 --> 00:26:50,840 doesn't look like the most that's that's two years away if 459 00:26:50,840 --> 00:26:53,560 someone decides to mine that 'cause it's hasn't even got a 460 00:26:53,560 --> 00:26:55,600 mining licence yet. No it doesn't. 461 00:26:55,800 --> 00:26:59,560 It needs a bit more work. So unless it's something L's 462 00:26:59,560 --> 00:27:03,040 pretty bloody left field. JDJBD you got any bloody punts 463 00:27:03,040 --> 00:27:05,800 on you? Well, Jim seemed pretty fed up 464 00:27:05,800 --> 00:27:08,560 with Australia and its entirety, so I wonder. 465 00:27:08,560 --> 00:27:11,480 If you don't blame him. Looking overseas, the other 466 00:27:11,480 --> 00:27:14,640 thing I'd add to your comments earlier, Ali on the NAV, 467 00:27:14,640 --> 00:27:17,520 obviously you know consensus we're quoting there comes from 468 00:27:17,520 --> 00:27:21,160 the sell side calling it kind of 12% of the market cap for 150 469 00:27:21,160 --> 00:27:23,160 million bucks. It's interesting to parallel 470 00:27:23,160 --> 00:27:26,520 that with the share price today. It's it's flat the, you know, 471 00:27:26,520 --> 00:27:29,280 the buyers of the owners of the stock clearly didn't attribute 472 00:27:29,560 --> 00:27:33,880 too much value to Mcphillimy's. So you know, that kind of bodes 473 00:27:33,880 --> 00:27:37,720 with what we'd said about it in, you know, on the back of your 474 00:27:37,720 --> 00:27:40,520 analysis of all the undeveloped projects out there and then 475 00:27:40,520 --> 00:27:43,440 going back a little bit before that on the back of the DFS as 476 00:27:43,440 --> 00:27:48,440 well. Yes, on a on a more positive 477 00:27:48,440 --> 00:27:53,080 note, CRE insurance let's make that isn't positive, that's just 478 00:27:53,160 --> 00:27:55,320 more positive. Holy snap and duck shit. 479 00:27:55,320 --> 00:27:59,120 I never thought I'd I'd think of Africa as a mining jurisdiction 480 00:27:59,120 --> 00:28:02,840 to be similar to Australia. It's bloody similar parallels 481 00:28:02,840 --> 00:28:05,080 today. Since Australia's becoming like 482 00:28:05,080 --> 00:28:10,920 Africa due to the police like CR ES, African insurance expertise 483 00:28:10,920 --> 00:28:13,840 is going to be bloody handy for this Australian mining industry 484 00:28:14,240 --> 00:28:16,920 going forward. Bloody JD, you heard about the 485 00:28:16,920 --> 00:28:20,960 offer? Mate inform me and all the money 486 00:28:20,960 --> 00:28:23,440 miners please. Any of these mining companies 487 00:28:23,440 --> 00:28:27,480 out there that just just feel a bit bloody, they're a bit risky 488 00:28:27,640 --> 00:28:32,120 adverse, give a give bloody Dave Adam or Atari a bloody call from 489 00:28:32,120 --> 00:28:35,120 CRE. They'll do a free audit on your 490 00:28:35,120 --> 00:28:36,960 existing insurance that you have in place. 491 00:28:36,960 --> 00:28:40,440 So if you've got any gaps or exposures that you might not 492 00:28:40,440 --> 00:28:42,640 even know about, that's awesome for free. 493 00:28:42,880 --> 00:28:45,600 And you just take it and say cheers lads. 494 00:28:45,600 --> 00:28:48,480 That's the bloody mate. Caught up with them last week. 495 00:28:48,480 --> 00:28:52,200 I've vetted them as JCS Jesus Christ, I know insurance. 496 00:28:52,200 --> 00:28:55,480 I've never been so interested in insurance in my life. 497 00:28:56,000 --> 00:28:59,800 I love it, love insurance. Oh, I got got a couple extra car 498 00:28:59,800 --> 00:29:03,200 policies last week. I'll just I've got the bug so in 499 00:29:03,200 --> 00:29:06,360 about to take a look for you phone numbers in the show notes 500 00:29:06,360 --> 00:29:08,320 and one of the owners picks up. Go. 501 00:29:08,800 --> 00:29:15,040 CRE Love it JD. Another interesting Regency 502 00:29:15,040 --> 00:29:17,240 style story. Silver Bonds. 503 00:29:18,080 --> 00:29:20,240 No, it's let's not keep the good times going. 504 00:29:20,600 --> 00:29:26,960 The company, just the company. So SPL on the ASX, so similar 505 00:29:26,960 --> 00:29:31,120 like you say to, to Regis mate, also in New South Wales and also 506 00:29:31,120 --> 00:29:33,280 a kind of project that won't be going ahead anytime soon. 507 00:29:33,520 --> 00:29:36,080 We'll start this one up by flashing up the spark chart to 508 00:29:36,440 --> 00:29:38,640 people can get a feel. And here, you know, what you 509 00:29:38,640 --> 00:29:42,640 really notice straight away is a massive Candlestick down and the 510 00:29:42,640 --> 00:29:45,200 risk of being a single asset company. 511 00:29:45,360 --> 00:29:48,760 That's where Regis has a, you know, a bit of a saving grace. 512 00:29:48,760 --> 00:29:53,040 So they have lost over 60% of their market cap in a couple 513 00:29:53,040 --> 00:29:55,720 months. They lost you know about 50% of 514 00:29:55,720 --> 00:29:58,160 that market cap in a couple days. 515 00:29:58,160 --> 00:30:01,920 So they're around a $250 million company just last week and 516 00:30:01,920 --> 00:30:05,880 they're now sort of 120 million ish market cap company. 517 00:30:06,640 --> 00:30:11,240 Yeah, right, buddy. So what's what's actually what's 518 00:30:11,240 --> 00:30:15,560 the sequence of events here, JD? So I'll give you a bit of the 519 00:30:15,560 --> 00:30:19,480 sort of legalese type first to talk through what's happened in 520 00:30:19,480 --> 00:30:21,840 the courts and then we'll give a bit of background on what's 521 00:30:21,840 --> 00:30:24,160 actually happened. But essentially early last week, 522 00:30:24,160 --> 00:30:27,960 they came in saying we're going to get our, you know, an update 523 00:30:28,000 --> 00:30:30,440 on these proceedings that have been going on for a few months 524 00:30:30,440 --> 00:30:32,560 now. And on Friday they went into a 525 00:30:32,560 --> 00:30:35,320 trading halt and then came out with what had actually happened. 526 00:30:35,600 --> 00:30:37,520 So they've got this group called Bingman. 527 00:30:37,840 --> 00:30:41,280 They had essentially been challenging the development 528 00:30:41,280 --> 00:30:45,600 consent, which is essentially their right to get development 529 00:30:45,600 --> 00:30:49,120 underway for the the project. Where in this project it's also 530 00:30:49,120 --> 00:30:52,200 down similar area is it JD? Down near Mudgee, isn't it? 531 00:30:53,120 --> 00:30:56,360 Yeah, exactly. So 30 KS from Mudgee, 260 odd KS 532 00:30:56,360 --> 00:30:57,200 from Sydney. Yeah. 533 00:30:57,360 --> 00:30:59,360 Yeah. So we'll, we'll Chuck up a map 534 00:30:59,360 --> 00:31:04,280 and people can, can have a look. Now, I said that IPC group, the 535 00:31:04,280 --> 00:31:07,400 Independent Planning Commission, before now they were involved 536 00:31:07,400 --> 00:31:11,000 here because that's who Bingman was challenging as well as, you 537 00:31:11,000 --> 00:31:14,000 know, silver mines in the same sort of process. 538 00:31:14,000 --> 00:31:17,200 And you know, lo and behold, the appeal comes through and the 539 00:31:17,200 --> 00:31:20,920 court has upheld the challenge put forward by Bingman. 540 00:31:21,680 --> 00:31:25,960 And what this essentially means is that silver mines cannot 541 00:31:25,960 --> 00:31:28,880 develop the project. They need to go back to the 542 00:31:28,880 --> 00:31:31,520 drawing board. But to to get into the details 543 00:31:31,520 --> 00:31:34,560 of what has actually gone on here and what the kind of point 544 00:31:34,560 --> 00:31:37,080 of debate is, I think it's worth fleshing out what the project is 545 00:31:37,320 --> 00:31:39,520 all about. Because similar to what we've 546 00:31:39,520 --> 00:31:42,720 just spoken about before with Regis, you're in, you're in 547 00:31:42,720 --> 00:31:44,480 farming country, you've got towns nearby. 548 00:31:44,480 --> 00:31:47,480 It's not like in the, in the Outback in WA, there's, there's 549 00:31:47,480 --> 00:31:50,560 a bit more to it. It's rolling kind of countryside 550 00:31:51,040 --> 00:31:55,440 and we're talking about a silver mine with a lead zinc byproduct. 551 00:31:55,440 --> 00:31:59,480 So that lead byproduct was a a point of debate amongst the the 552 00:31:59,480 --> 00:32:03,680 local community there, although that isn't actually what you 553 00:32:03,680 --> 00:32:07,280 know, ultimately stops the the the project from going forward 554 00:32:07,600 --> 00:32:09,120 on Friday all. Right. 555 00:32:09,120 --> 00:32:12,840 So give us what's the what's been the timeline so far, how 556 00:32:12,880 --> 00:32:16,000 it's gone? So kind of like Mick Philomy's 557 00:32:16,000 --> 00:32:21,040 this has taken ages to you know go through all the steps in 2018 558 00:32:21,160 --> 00:32:24,920 feasibility study came out, the EIS was completed and 559 00:32:24,920 --> 00:32:28,280 development application was submitted in mid 2020. 560 00:32:28,840 --> 00:32:33,640 State approvals came through in April of 23, so last year and 561 00:32:33,640 --> 00:32:35,880 they were going to launch, you know their final investment 562 00:32:35,880 --> 00:32:38,280 decision later this year. So they were they were pretty 563 00:32:38,280 --> 00:32:40,800 far along. And then you get this appeal in 564 00:32:40,920 --> 00:32:45,000 in March and silver mines win that appeal to start with, 565 00:32:45,000 --> 00:32:48,600 although or they they win the initial proceedings and then 566 00:32:48,600 --> 00:32:51,800 Bingman come in and appeal it. And that's what's you know, 567 00:32:52,200 --> 00:32:56,320 Chuck to spanner in the works just on on Friday to give a bit 568 00:32:56,320 --> 00:32:58,160 of. Detail Who is actually this 569 00:32:58,160 --> 00:33:00,160 Bingman group? Who are they? 570 00:33:01,280 --> 00:33:04,000 Thanks for breaking me up, Ali. They're, they're a group that 571 00:33:04,000 --> 00:33:08,080 came around in the in the 90s. They're, they're a group that's 572 00:33:08,080 --> 00:33:10,440 sort of local to the region there. 573 00:33:10,720 --> 00:33:13,560 And what they're kind of putting forward is that the, the 574 00:33:13,560 --> 00:33:16,440 potential environmental and, and health disasters that kind of 575 00:33:16,440 --> 00:33:20,640 relates to lead and all these, you know, other aspects of the 576 00:33:20,640 --> 00:33:24,840 mine dust and so on would hamper the, the farming nature of the 577 00:33:24,840 --> 00:33:27,640 region as well as the tourism in the region. 578 00:33:27,880 --> 00:33:32,280 But it's, it's much more of like a kind of technicality on why 579 00:33:32,280 --> 00:33:35,880 the project isn't going forward. They put this environmental 580 00:33:35,880 --> 00:33:39,760 impact statement forward in, in 2020, like I said, but they 581 00:33:39,760 --> 00:33:41,520 didn't include this transmission line. 582 00:33:41,680 --> 00:33:44,680 So there's this 13 kilometre transmission line and that 583 00:33:44,680 --> 00:33:46,080 wasn't included in the assessment. 584 00:33:46,280 --> 00:33:49,440 And then the the Supreme Court Justice has come out and said, 585 00:33:50,360 --> 00:33:53,760 you can't go forward with this because the plan of what you 586 00:33:53,760 --> 00:33:56,640 actually want to do doesn't include that transmission line. 587 00:33:57,080 --> 00:34:00,320 And one way or another, whether it's positive or negative, that 588 00:34:00,320 --> 00:34:02,040 transmission line is going to have an impact. 589 00:34:02,320 --> 00:34:06,080 So that previous ruling is, you know, to no effect. 590 00:34:06,520 --> 00:34:10,360 And here we are the the company's share price is halved. 591 00:34:10,360 --> 00:34:12,080 They're going to speak with their lawyers and all these 592 00:34:12,080 --> 00:34:13,440 things. And then on the flip side, 593 00:34:13,440 --> 00:34:16,199 you've got the group that you just raised their alley talking 594 00:34:16,199 --> 00:34:18,440 about like, hey, this isn't really what we actually wanted, 595 00:34:18,719 --> 00:34:22,320 but we'll take the win. You know, and you know, to be 596 00:34:22,320 --> 00:34:25,800 clear, it's it's not done and dusted because these guys could 597 00:34:25,800 --> 00:34:28,080 potentially still look at other power options. 598 00:34:28,280 --> 00:34:31,280 But kind of like Jim was saying at Regis that that is a lengthy 599 00:34:31,280 --> 00:34:32,840 process. You know it takes ages to 600 00:34:33,280 --> 00:34:35,560 knuckle down on on what you want and the plan you want to put 601 00:34:35,560 --> 00:34:38,719 forward. To ultimately decide and to 602 00:34:38,719 --> 00:34:41,360 reject that whole plan can take years. 603 00:34:41,719 --> 00:34:44,080 It's interesting. It's power lines, the things 604 00:34:44,080 --> 00:34:46,199 that have squashed it. Considering how many fucking 605 00:34:46,199 --> 00:34:50,159 power lines are going to go in for all these renewable plans, 606 00:34:50,800 --> 00:34:53,199 Sure, we have the bloody state through all these transmission 607 00:34:53,199 --> 00:34:56,199 corridors they've got to put in to make this whole renewable 608 00:34:56,199 --> 00:34:57,600 thing work. So it just completely 609 00:34:57,600 --> 00:35:01,080 contradicts that. Yeah, yeah. 610 00:35:01,160 --> 00:35:03,000 I mean, I I don't. Think this one. 611 00:35:05,160 --> 00:35:09,120 Those haven't hit me up. Yet I, I don't think this one, 612 00:35:09,280 --> 00:35:12,640 Maddie is, is as grim as what you went through with Regis. 613 00:35:12,640 --> 00:35:16,000 I think there's, there's still options, but you're in a you're 614 00:35:16,000 --> 00:35:19,400 in a rock and a very hard place. They're picking between to 615 00:35:19,760 --> 00:35:22,400 pretty bad outcomes for for these mining companies. 616 00:35:23,000 --> 00:35:27,080 Yeah, I don't know the best. I like silver mines. 617 00:35:27,480 --> 00:35:29,440 What's that? Well, the best thing about mine 618 00:35:29,440 --> 00:35:32,840 and silver, it's the same colour as these. 619 00:35:34,520 --> 00:35:37,360 Check these out. That's a TSI. 620 00:35:37,560 --> 00:35:42,800 Bolt a bloody DSI friction bolt and a DSI posi mix bolt but 621 00:35:42,840 --> 00:35:45,000 bloody sent to us. They're silver. 622 00:35:45,240 --> 00:35:47,880 They're silver in colour. These these look like some of 623 00:35:47,880 --> 00:35:49,880 the bolts I tried to put in like after. 624 00:35:49,880 --> 00:35:51,920 A back in the day get the. Fuck out of them and then 625 00:35:52,160 --> 00:35:54,280 snapped them off and there just wasn't much left. 626 00:35:54,280 --> 00:35:57,480 Bloody, bloody brilliant. If you think, if you think 627 00:35:57,480 --> 00:35:59,880 silver, you think DSI. You know why? 628 00:36:00,160 --> 00:36:02,280 What is that? Silver is like gold. 629 00:36:02,400 --> 00:36:07,640 It's a safe haven DSI. It is the safe haven for ground 630 00:36:07,640 --> 00:36:11,320 support supply. Mate, do you know silver is also 631 00:36:11,320 --> 00:36:14,120 the best conductor of electricity as out of all the 632 00:36:14,120 --> 00:36:16,160 metals? Oh, better than copper, better 633 00:36:16,160 --> 00:36:19,160 than bloody aluminium. It is the best. 634 00:36:19,440 --> 00:36:23,480 Just like DSI is the best ground support supplier in the world. 635 00:36:24,200 --> 00:36:27,400 All exactly the same. Don't think Silver, think DSI. 636 00:36:28,040 --> 00:36:29,160 Think the best. Think the. 637 00:36:29,160 --> 00:36:31,200 Best cheers for the donation there. 638 00:36:31,440 --> 00:36:33,760 Love it. Oh God, we got to put some 639 00:36:33,760 --> 00:36:35,720 bloody. That's why we've got to have 640 00:36:35,720 --> 00:36:37,200 bloody sponsors. We've got to bring some 641 00:36:37,320 --> 00:36:39,240 positivity to the mining industry. 642 00:36:39,760 --> 00:36:43,840 Fuck me dead God, that's that's what the economy's backed on. 643 00:36:45,600 --> 00:36:48,000 Hopefully the mining companies can bring the positivity next 644 00:36:48,000 --> 00:36:50,480 time, Maddie, But I think we should get into a bit of 645 00:36:50,800 --> 00:36:52,520 discussion. I've, I've spoken about, you 646 00:36:52,520 --> 00:36:55,040 know, enough what has actually happened specifically. 647 00:36:55,360 --> 00:36:57,520 But I think it's sort of time to to wrap the two together and 648 00:36:57,520 --> 00:36:59,760 have a bit of a yarn about what this kind of means. 649 00:36:59,760 --> 00:37:01,720 And I know you've sort of spun up some thoughts about 650 00:37:02,160 --> 00:37:04,800 investment, you know, investor confidence in Australia. 651 00:37:04,800 --> 00:37:08,000 Would that be, you know, foreign direct investment or just local 652 00:37:08,000 --> 00:37:10,720 funds and whatnot, look into the mining industry. 653 00:37:10,920 --> 00:37:13,200 What have you sort of come to on on that front? 654 00:37:13,400 --> 00:37:17,520 Well, I think we'll probably quote old Warren Pearce from 655 00:37:17,600 --> 00:37:22,400 AMEC, who's obviously Amec do a bloody shit load for the mining 656 00:37:22,400 --> 00:37:26,960 industry and with this sort of stuff as the, I guess the, you'd 657 00:37:26,960 --> 00:37:29,440 say, they're industry body. They're an industry body, the 658 00:37:29,440 --> 00:37:30,960 middleman. So they're bloody heavily 659 00:37:30,960 --> 00:37:33,320 involved in this and they do a lot of bloody good work. 660 00:37:33,520 --> 00:37:36,280 Forgive them for not giving us the award that at that ceremony 661 00:37:36,920 --> 00:37:39,320 they outweighed that boy getting involved in this. 662 00:37:39,400 --> 00:37:41,600 So this is what Warren Pierce said. 663 00:37:41,600 --> 00:37:44,120 So this is incredibly disappointing decision. 664 00:37:44,240 --> 00:37:48,280 This is in regard to Regis incredibly disappointing 665 00:37:48,280 --> 00:37:51,160 decision that lacks reason and common sense and sets a truly 666 00:37:51,160 --> 00:37:54,440 terrible precedent for investment risk in Australia. 667 00:37:54,720 --> 00:37:57,320 If any project, no matter how thoroughly consulted, 668 00:37:57,320 --> 00:38:01,960 negotiated, supported NSS can be knocked over by the objections 669 00:38:01,960 --> 00:38:07,360 of only a few people and at the end of the process, then how can 670 00:38:07,480 --> 00:38:11,040 any company or investor have confidence to invest in 671 00:38:11,040 --> 00:38:14,040 Australia? So as he said, like one like 1 672 00:38:14,040 --> 00:38:18,440 government official in this case of Regis has contradicted the 673 00:38:18,440 --> 00:38:23,320 entire approval process buy and just put a foot down. 674 00:38:23,320 --> 00:38:27,120 And it arguably under parallels to friggin it feels like we're 675 00:38:27,120 --> 00:38:30,200 in North Korea or Congo or bloody Sierra Leone at the 676 00:38:30,200 --> 00:38:31,440 moment. Fuck me. 677 00:38:31,720 --> 00:38:34,920 Like to think that you'd, you'd class Australia to have 678 00:38:34,920 --> 00:38:39,000 sovereign risk due to like approvals and permits is friggin 679 00:38:39,000 --> 00:38:40,880 absurd. With mining's the like the 680 00:38:40,880 --> 00:38:43,040 biggest contributor to our economy. 681 00:38:43,520 --> 00:38:47,640 It's it's just mad. Yeah, I just think it's friggin 682 00:38:47,640 --> 00:38:49,840 mad. So what do you what do you 683 00:38:49,840 --> 00:38:53,640 think, Jada? Mate, I, I couldn't agree more. 684 00:38:53,640 --> 00:38:57,240 I think talking about mining investment in, in Australia, in, 685 00:38:57,240 --> 00:39:00,960 in NSW specifically, I mean, there were so many fascinating 686 00:39:00,960 --> 00:39:03,800 call outs in the call put on by Regis. 687 00:39:03,800 --> 00:39:08,840 And it was interesting the, the concern they had about operating 688 00:39:08,840 --> 00:39:13,600 projects and it was very raw, you know, the, the core, it's 689 00:39:13,600 --> 00:39:17,160 obviously been a, a very busy weekend for the guys there. 690 00:39:17,160 --> 00:39:21,080 But the, the concerns they had about projects already in 691 00:39:21,080 --> 00:39:23,840 operation, who knows? You know, like I said, they 692 00:39:23,840 --> 00:39:25,760 haven't got the official docs and all that sort of stuff. 693 00:39:26,280 --> 00:39:28,960 So maybe we'll sort of reserve our judgement on that front. 694 00:39:29,200 --> 00:39:32,560 But if this throws into risk projects that are operating that 695 00:39:32,560 --> 00:39:35,080 have been operating for a number of years, then I think it's a 696 00:39:35,080 --> 00:39:39,800 sort of serious cause for alarm. And I mean, we, we need to look 697 00:39:39,800 --> 00:39:42,960 at this whole process. I think that's the the takeaway 698 00:39:42,960 --> 00:39:45,240 from our discussion today for both these sorts of companies 699 00:39:45,240 --> 00:39:49,160 like these are processes that take years and years and years 700 00:39:49,320 --> 00:39:53,040 already way too long. What gives anyone the the 701 00:39:53,040 --> 00:39:56,400 confidence to go forward with these once they receive the 702 00:39:56,400 --> 00:39:59,240 approvals and then they can still have the project or the, 703 00:39:59,360 --> 00:40:01,280 the approvals or the permits or whatever it might be. 704 00:40:01,280 --> 00:40:03,520 There's so many different angles to it pulled off them. 705 00:40:03,760 --> 00:40:05,880 Who's going to come and and do business in Australia? 706 00:40:06,160 --> 00:40:09,800 Yeah, and and I'll just I'd hate to think that this like this on 707 00:40:09,800 --> 00:40:12,720 the back of the Jabiluka thing and how abrupt all that stuff 708 00:40:12,720 --> 00:40:15,800 was and the timing. I'd hate to think this is actual 709 00:40:15,800 --> 00:40:18,600 just political gamesmanship going into an election. 710 00:40:18,600 --> 00:40:20,200 Like just. For. 711 00:40:20,640 --> 00:40:24,000 Strategy and I wouldn't fucking be surprised what these bloody 712 00:40:24,000 --> 00:40:28,520 clowns get up to and like, but the, the work that goes in by 713 00:40:28,520 --> 00:40:32,120 these mining companies, which is, you know, fucking funded by, 714 00:40:32,120 --> 00:40:34,920 you know, operations, but shareholder money as well. 715 00:40:36,160 --> 00:40:39,000 And the time that goes into these processes and then they 716 00:40:39,280 --> 00:40:43,840 friggin treat it like this is that fucking disrespectful and 717 00:40:43,840 --> 00:40:48,120 demeaning to the to the mining companies that fucking work 718 00:40:48,120 --> 00:40:51,160 tirelessly. And they're coming from people 719 00:40:51,160 --> 00:40:53,960 that have got no friggin mining or business experience at all 720 00:40:54,080 --> 00:40:56,240 running the country. Drives me fucking nuts. 721 00:40:57,280 --> 00:41:01,680 What we spoke about Nimb ISM in, in the Western world and we 722 00:41:01,680 --> 00:41:04,560 spoke about it in the context of Serbia not too long ago and 723 00:41:04,560 --> 00:41:07,360 Canada before that. It's a, it's a similar story in, 724 00:41:07,360 --> 00:41:10,040 in so many different countries. And we've spoken about it with 725 00:41:10,040 --> 00:41:13,920 various guests on the show in every single nook of the, you 726 00:41:13,920 --> 00:41:16,040 know, the, the so called Western world. 727 00:41:16,040 --> 00:41:18,240 And obviously every project shouldn't be developed. 728 00:41:18,240 --> 00:41:20,800 There should be a rigorous approvals process to get 729 00:41:20,800 --> 00:41:25,920 projects online, but you shouldn't have a small minority 730 00:41:25,920 --> 00:41:30,880 of people over ruling projects that have already received their 731 00:41:30,880 --> 00:41:34,680 approvals processes because it can shatter the investment 732 00:41:34,680 --> 00:41:37,520 confidence. And you know that that might 733 00:41:37,520 --> 00:41:39,640 happen bit by bit. You might chip away at that 734 00:41:39,640 --> 00:41:43,280 investor confidence slowly, but all of a sudden, you know, 735 00:41:43,280 --> 00:41:47,120 you've wasted so much capital, so much human capital, so much 736 00:41:47,120 --> 00:41:52,840 energy and time from, from people that it just, you know, 737 00:41:53,360 --> 00:41:54,800 I'm a bit perplexed by the whole thing. 738 00:41:54,800 --> 00:41:58,440 It's, it's super frustrating. And I think the pro, the 739 00:41:58,440 --> 00:42:03,240 processing approvals, you know, timeline needs a, a serious 740 00:42:03,240 --> 00:42:07,720 reassessment in Australia. I mean, look at, look at the, 741 00:42:07,800 --> 00:42:11,080 the NSW government royalties and, and what they've kind of 742 00:42:11,200 --> 00:42:15,160 done on that front. Mining brings in $6 billion in, 743 00:42:15,160 --> 00:42:21,000 in royalties in NSW alone. Now 90% of that comes from coal 744 00:42:21,000 --> 00:42:24,000 projects. And you know, they've again been 745 00:42:24,000 --> 00:42:27,000 increased from the 1st of July 2024. 746 00:42:27,000 --> 00:42:30,040 That's not specifically what I want to talk about here. 747 00:42:30,040 --> 00:42:33,280 But the, the repercussions of this, you know, it, it shortens 748 00:42:33,280 --> 00:42:36,160 the life, it, it lifts them on the, the cost curve, it makes 749 00:42:36,160 --> 00:42:39,200 them a bit more uneconomic. And, you know, maybe it's, it's 750 00:42:39,200 --> 00:42:41,840 right to have them adjusted over time, you know, with inflation 751 00:42:42,160 --> 00:42:43,640 and all these short sort of things. 752 00:42:43,640 --> 00:42:46,560 But it gives a, a sugar hit to the government. 753 00:42:46,800 --> 00:42:50,960 It, it gives a bit of a, a sugar hit, but it, it puts into 754 00:42:50,960 --> 00:42:54,000 question all the, the jobs, you know, 40,000 people in New South 755 00:42:54,000 --> 00:42:58,680 Wales are directly employed by mining, another 7000 people in 756 00:42:58,680 --> 00:43:02,320 the supply chain. And whilst I think some of these 757 00:43:02,320 --> 00:43:04,880 ministers think there isn't a serious repercussion or there 758 00:43:04,880 --> 00:43:07,920 isn't a repercussion beyond just the the company they're talking 759 00:43:07,920 --> 00:43:09,600 about, I think there actually is. 760 00:43:09,600 --> 00:43:12,880 I think, you know, it's not just that company, it's not just 761 00:43:12,880 --> 00:43:16,720 Regis in this case, it's not just silver mines, but it is all 762 00:43:16,720 --> 00:43:19,400 the other, you know, the majors around in the world that might 763 00:43:19,400 --> 00:43:22,400 look to come and invest in the state and the thing and hang on, 764 00:43:22,400 --> 00:43:26,000 we might not do that. And that, you know, 6 billion of 765 00:43:26,000 --> 00:43:28,040 royalties, I know hits of it comes from coal. 766 00:43:28,040 --> 00:43:31,200 But sooner or later those projects will, will run out. 767 00:43:32,000 --> 00:43:33,760 And that's going to be a big hole. 768 00:43:33,760 --> 00:43:36,120 And like we, we probably don't even need to get into the, the 769 00:43:36,120 --> 00:43:40,440 government debt that's exploded fourfold in NSW alone over the 770 00:43:40,440 --> 00:43:44,480 past few years. But it is a key source of 771 00:43:44,680 --> 00:43:48,760 revenue, royalties, taxation, income from the employees there 772 00:43:49,000 --> 00:43:54,840 that has heaps and heaps of flow on effects that I just feel 773 00:43:54,840 --> 00:43:58,560 haven't been totally taken into account in this scenario. 774 00:43:58,680 --> 00:44:02,920 No, I agree with you, JD and even just Minister plebiscite's 775 00:44:02,920 --> 00:44:08,240 comments about, oh, well, they've identified, you know, 4 776 00:44:08,240 --> 00:44:11,440 four other options for a, for a TSF to put there. 777 00:44:11,440 --> 00:44:15,880 So it's just move the TSFI think that's sort of what come across 778 00:44:15,880 --> 00:44:18,000 in that statement is a bit of ignorance. 779 00:44:18,000 --> 00:44:20,640 Oh, just move the TSF and it's sort of, it's, I'm not, you 780 00:44:20,640 --> 00:44:22,800 know, affecting the mind like it's fine. 781 00:44:23,040 --> 00:44:25,840 It's sort of like, well, actually there's a lot more 782 00:44:26,960 --> 00:44:31,480 involved than just moving the TSF and for all the reasons Jim 783 00:44:31,480 --> 00:44:35,760 outlined in his call that it's not just that straightforward. 784 00:44:35,760 --> 00:44:40,360 There's just, I don't know, a bit of seems a bit of ignorance 785 00:44:41,240 --> 00:44:46,400 with respect to how this practically can impact a mine 786 00:44:46,400 --> 00:44:49,600 site or the mining industry more broadly. 787 00:44:49,960 --> 00:44:51,960 Yeah, complete ignorance. They wouldn't even know. 788 00:44:51,960 --> 00:44:53,880 They probably know they would never have worked on a mine 789 00:44:53,880 --> 00:44:55,600 site. And speaking about royalties, 790 00:44:55,600 --> 00:44:57,240 JD, they need all the help they can get. 791 00:44:57,240 --> 00:44:59,800 Look at all the royalties the government aren't getting from 792 00:44:59,800 --> 00:45:01,760 the durries now since the vipes are coming. 793 00:45:02,280 --> 00:45:06,760 Like that's we need the mining industry to bring the royalties 794 00:45:06,760 --> 00:45:09,800 back because bloody champion Ruby ain't bloody getting sold 795 00:45:09,800 --> 00:45:11,840 like it used to be. That's mate. 796 00:45:11,840 --> 00:45:14,000 We could talk for hours about government debt, but I think we 797 00:45:14,000 --> 00:45:15,560 should steer clear of that one for today. 798 00:45:17,400 --> 00:45:22,360 All right, bit of a random one to finish on this is saw this. 799 00:45:22,360 --> 00:45:24,560 Antimony. Yeah, antimony. 800 00:45:24,760 --> 00:45:29,200 Saw this article in the last week that China are placing an 801 00:45:29,200 --> 00:45:34,640 export ban on antimony. So antimony's widely used in 802 00:45:34,720 --> 00:45:36,920 ammunition and other military applications. 803 00:45:36,920 --> 00:45:38,880 I think it's flame retardant as well. 804 00:45:39,080 --> 00:45:42,760 It's on the Australia's critical minerals list and it sparked my 805 00:45:42,760 --> 00:45:45,480 attention because the first ever mine I worked at was the Hill 806 00:45:45,480 --> 00:45:50,200 Grove mine near Armadale, NSW. It's a gold antimony mine. 807 00:45:50,200 --> 00:45:53,640 It's the largest antimony deposit deposit in Australia at 808 00:45:53,640 --> 00:45:59,000 this stage. And it recently got so I was 809 00:45:59,000 --> 00:46:02,480 there when it was Straits, which then I think Straits went into 810 00:46:02,960 --> 00:46:07,160 Eris got put on care and maintenance and sort of had a 811 00:46:07,160 --> 00:46:10,840 had a bit of a like a pilot plan he set up sort of thing. 812 00:46:11,480 --> 00:46:15,000 Recently got bought by Lavato resources who they that would 813 00:46:15,080 --> 00:46:18,520 explore them for lithium down in bloody South of WA. 814 00:46:18,520 --> 00:46:22,120 Recently bought the hill Grove mine and it's had a few few 815 00:46:22,120 --> 00:46:26,160 people have a crack at this thing, but the antimony price, 816 00:46:26,160 --> 00:46:29,280 I'll bring up a chart has doubled in the past few months. 817 00:46:29,280 --> 00:46:33,160 So in La Voto, up 50% today on the news, they've got reserve 818 00:46:33,160 --> 00:46:38,320 grades of 1.2% Stibnite and then you've also got Southern Cross 819 00:46:38,320 --> 00:46:40,120 gold. That's the bolter, that's. 820 00:46:40,120 --> 00:46:43,000 Been dealing with. Expiration down in Victoria. 821 00:46:43,000 --> 00:46:45,400 So they've they're gold antimony as well. 822 00:46:45,880 --> 00:46:49,680 So their results today are .9% and 1.7% Stibnite. 823 00:46:49,680 --> 00:46:52,760 So Stibnite is the antimony mineral. 824 00:46:52,760 --> 00:46:55,360 So it's amazing how one news article can come out and you 825 00:46:55,360 --> 00:46:59,720 start looking at the grade of antimony just like that. 826 00:46:59,720 --> 00:47:04,120 So no, that was interesting. Something that mineral that 827 00:47:04,120 --> 00:47:06,120 never gets talked about, but it's doubled. 828 00:47:06,600 --> 00:47:10,480 So and there's not many options for it in Australia. 829 00:47:10,880 --> 00:47:12,480 So that's fine. Very interesting. 830 00:47:12,720 --> 00:47:15,120 The only good news story come out of NSW. 831 00:47:15,520 --> 00:47:16,760 Oh, that was good. It was bloody. 832 00:47:16,760 --> 00:47:19,480 God, of course I was literally that was the first ever joined 833 00:47:19,480 --> 00:47:21,440 on. So I'm walking around with two 834 00:47:21,440 --> 00:47:25,200 left feet as per usual and oh, it's bloody. 835 00:47:25,440 --> 00:47:27,920 Yes, I'll cause more harm than good there, no doubt. 836 00:47:27,920 --> 00:47:31,040 It's a fucking pain in the ass. Sorry to all those people that I 837 00:47:31,040 --> 00:47:33,240 worked with, shout out Jeremy Rowlands. 838 00:47:34,560 --> 00:47:36,920 You know that is a is a fun fact. 839 00:47:36,920 --> 00:47:39,520 The the Superintendent there, the foreman. 840 00:47:41,000 --> 00:47:48,000 He was part of the rescue crew for Beaconsfield. 841 00:47:49,480 --> 00:47:53,200 Oh, the the trap miners, Yeah. Oh wow, he got he assisted 842 00:47:53,200 --> 00:47:54,960 getting the two guys out of there. 843 00:47:54,960 --> 00:47:58,720 What a legend he was on the he was overseeing putting the pilot 844 00:47:58,720 --> 00:48:01,600 hole in and everything. So. 845 00:48:02,320 --> 00:48:04,320 Yeah. So. 846 00:48:04,800 --> 00:48:07,720 Love getting a an insight into the young adulthood of Maddie 847 00:48:07,720 --> 00:48:09,480 Michael. Back in the day. 848 00:48:10,600 --> 00:48:12,480 Back is fucking. Cold there? 849 00:48:13,080 --> 00:48:14,280 Yeah. It's only an hour and a half 850 00:48:14,280 --> 00:48:16,520 from your hometown in Burrell. Oh, good on ya. 851 00:48:17,560 --> 00:48:19,360 Hmm, OK, I might go back to get it going. 852 00:48:21,640 --> 00:48:24,200 Sure, love. I'll get me on the jumbo there. 853 00:48:24,280 --> 00:48:27,520 Go back down the D, Clyde. Oh, very good. 854 00:48:27,920 --> 00:48:33,720 Alright, that's bloody. Bit more of a downbeat episode 855 00:48:34,040 --> 00:48:35,320 to find something. So positive. 856 00:48:35,720 --> 00:48:38,240 It's good to talk about. Tomorrow, but we're yeah, it's 857 00:48:38,680 --> 00:48:41,760 downbeat, but we're fucking sticking up for the mining 858 00:48:41,760 --> 00:48:45,960 industry. We're sticking up for Australia 859 00:48:45,960 --> 00:48:49,600 too, mate, and Australia, hopefully things can sort of 860 00:48:50,080 --> 00:48:52,800 come to their senses. Don't like getting too political 861 00:48:52,800 --> 00:48:55,080 on the show and, you know, really want to talk about it 862 00:48:55,080 --> 00:48:57,720 from a yeah. But you, you want to talk about 863 00:48:57,720 --> 00:49:00,000 it from a, you know, a non partisan sense. 864 00:49:00,000 --> 00:49:02,480 You want common sense in in government. 865 00:49:02,480 --> 00:49:04,600 I don't care who's who's in power for that. 866 00:49:04,920 --> 00:49:08,520 You just want, you know, policies and procedures that 867 00:49:08,520 --> 00:49:12,440 make the most of the the time and effort and capital that gets 868 00:49:12,440 --> 00:49:14,840 sunk into these things. You know what else is common 869 00:49:14,840 --> 00:49:18,200 sense, JD? Using access mining technology, 870 00:49:18,360 --> 00:49:19,160 Yeah. Pretty. 871 00:49:19,160 --> 00:49:21,880 Great segment, top of the show. They're pretty much the anti 872 00:49:21,880 --> 00:49:24,280 government. That just makes sense. 873 00:49:26,040 --> 00:49:28,040 Yeah, yeah, that's it. A. 874 00:49:28,040 --> 00:49:30,000 Common sense. Who else makes sense to you, 875 00:49:30,000 --> 00:49:30,480 Jay? So ohh. 876 00:49:31,240 --> 00:49:34,080 Mineral mining services. That's, yeah, a lot of sense 877 00:49:34,080 --> 00:49:37,360 there. Verify obvious smack power and 878 00:49:37,360 --> 00:49:39,880 technology. Did that make much sense to you 879 00:49:39,880 --> 00:49:40,840 when you were getting? Explained. 880 00:49:40,840 --> 00:49:47,280 Initially no, but now yes. DSI earlier in the show, 881 00:49:47,520 --> 00:49:50,800 Silverstone CR insurance at the top of the show as well. 882 00:49:51,120 --> 00:49:54,640 Greenlands equipment K drill and you spark. 883 00:49:55,200 --> 00:49:57,560 Ohh Hodoro money miners. Hodoro. 884 00:49:57,720 --> 00:49:59,400 Go Australia. Australia. 885 00:49:59,720 --> 00:50:02,840 Australia. Information contained in this 886 00:50:02,840 --> 00:50:05,560 episode of Money of Mine is of general nature only and does not 887 00:50:05,560 --> 00:50:08,200 take into account the objectives, financial situation 888 00:50:08,280 --> 00:50:10,280 or needs of any particular person. 889 00:50:10,560 --> 00:50:13,600 Before making any investment decision, you should consult 890 00:50:13,640 --> 00:50:16,680 with your financial advisor and consider how appropriate the 891 00:50:16,680 --> 00:50:20,360 advice is to your objectives, financial situation and needs.