Shareholders of Focus Ventures (FCV.V) will be relieved as the company confirmed it has delivered the pre-feasibility study to its joint venture partner at the Bayovar 12 project in Peru right before the end of the year with just two days to spare. Excellent time management from the Focus guys (although we admit we were getting a little bit nervous as we obviously wanted the company to avoid the penalty payment for a late delivery of the pre-feasibility study) and we’re looking forward to see the summarizing press release and the full NI43-101 technical report in the next few weeks. As a brief reminder, our conservative scenario is expecting an after-tax NPV8% of in excess of C$200M for Focus’ 70% stake of the Bayovar 12 project.
Meanwhile, Focus and Daewoo have decided to terminate Daewoo’s earn-in agreement on the Aurora copper-moly project in Peru after delays in the permitting process. Focus has decided to give the property back to the original vendors and even though this might be seen as a disappointing move, it’s actually nice to see Focus is now fully focusing on fast-tracking Bayovar 12 towards production.
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