RE:Past Option Partners at Storm - Anybody Heard of BHP? schocor wrote: BHP is a pretty big mining company - okay they are the largest in the world. THey have also done alot of Artic exploration (Ekati, they found Hope Bay, Childiak in Baffin etc)
They also like copper. They ALSO had an agreement with Aston to option the Storm claim. Similar to American metals, they got an earn in option if they spend a certain amount of money.
They drilled a couple holes......and walked away. These holes are included in the drilling records for Storm; they have similar grades and intercepts to what they are pulling out now.
BHP has walked away from a few difficult, rich Artic deposits (Hope bay and Childiak come to mind).
Do you know more about mineral exploration than BHP? Does Goldy?
Its a neat deposit worth exploring; just keep it in context from a valuation perspetive.
BHP's pullout from BAY had nothing to do wth the Storm deposit
BHP did no drilling and no planning. Period.
Aston Bay was the operator and Apex was the contractor.
BHP quit before they even got started because two weeks after BHP signed the final agreement with BAY, BHP posted their biggest loss in history. At that point BHP started throwing everything overboard that wasn't making money. Including the CEO.
Here's the timeline.
January 28, 2016 ASTON BAY AND BHP BILLITON SIGN LETTER OF INTENT TO ADVANCE THE STORM COPPER PROJECT
May 31, 2016 ASTON BAY AND BHP BILLITON SIGN OPTION AGREEMENT
August 2, 2016 ASTON BAY AND BHP BILLITON OPTION AGREEMENT CLOSES
BHP Billiton to spend a minimum of CDN$40 million on exploration at Storm
within nine years, with minimum expenditures of CDN$2.5 million in the first two years
August 16, 2016 World's largest mining firm, BHP Billiton, records worst loss in its history.
October 20, 2016 Brazilian federal prosecutors filed homicide charges against 21 people,
including top executives of BHP Billiton over the Samarco dam collapse.
October 20, 2016 BHP Chairman Jac Nasser announced his retirement.
January 20, 2017 ASTON BAY HOLDINGS’ AGREEMENT WITH BHP BILLITON TO TERMINATE