Much Depends on Mine Plans
Hugo North Lift 1 at present doesn't extract JV ore for several years after block-caving commences (a proposed scheme of extraction is in IDP-10).
However, the location of the block-caving has flexibility and one can wonder whether the timing and location of the drawbells will migrate further north onto the JV, in particular if the ore from 625m N continues to be very high grade.
Or somebody is willing to step up and offer OTLLC some serious cash either for a separate mine (Heruga?), or for a share in the project. Or ETG or the JV make a further major discovery.
The ore is there, it is valuable, it will be mined, the valuation question is when - and it doesn't take a conspiracy theorist to wonder if OTLLC may change the mining plan for Lift 1 earlier into the JV if it turns out there is a large amount of higher grade ore - especially from the 625m to 1300m N mark and beyond. It only makes economic sense, particularly if the net smelter returns are in excess of 20% better for that ore than for Hugo North ore.
Everybody seems to be aware that the window of elevated copper prices is going to be open for a few years, but will eventually regress back as new capacity comes on line around the world. Will the HNE JV high-grade ore be deferred or mined while prices are most favorable? My guess is ... it will be mined sooner than published plans indicate, but that is only speculation ...
CG