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Giffen Well Project.


WPG decided to allow its option to acquire a 25% joint venture interest in the Giffen Well magnetite iron ore project in South Australia to expire unexercised. To exercise this option, WPG would have been required to pay $5 million to the project’s owner. Despite the encouraging results of the prefeasibility study (PFS) that were announced on 8 March 2013, the market uncertainties at the time meant that the risk profile for the project was too high unless the asset could be acquired on more attractive terms. That had not been forthcoming despite extensive negotiations with the owner. As a result, taking into account the highly constrained capital environment for the mining sector, the company decided that it was in the best interest of shareholders to pursue other objectives.


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