The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Joshua Mark Wolfson - RBC Capital Markets, Research Division - Analyst
: Bill, earlier on the call, you mentioned that the Anaconda trucking study was going to be continuing on this year. Could you clarify what the
permitting challenges there relate to? And I guess it sounds like you're still able to proceed with Anaconda. Or if not, what the sort of implications
are in advancing that opportunity?
Question: Joshua Mark Wolfson - RBC Capital Markets, Research Division - Analyst
: And that -- just so I understand that, those ounces that would be produced, the Menankoto permit, the issues there do not affect the ability to
truck the ore to Fekola?
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Question: Joshua Mark Wolfson - RBC Capital Markets, Research Division - Analyst
: Okay. And then looking at Kiaka, any update that's going to be coming out? I guess we won't have the updated Gramalote numbers until early
2022. What's the potential for the team to look to advance that project in the second half of this year, either in lieu of Gramalote or even alongside
it, assuming Gramalote proceeds next year?
Question: Joshua Mark Wolfson - RBC Capital Markets, Research Division - Analyst
: Understood. And one sort of final one. Just in the language in the release, the comments about Gramalote and, I guess, the expanded footprint
that could require the permit modifications, that not affecting the license but that potentially affecting the implementation schedule. Is that just
for, I guess, the project as it was if it was advanced this year? Or does the potential footprint change and the permitting changes affect the
implementation schedule if it was advanced next year as well?
Question: Joshua Mark Wolfson - RBC Capital Markets, Research Division - Analyst
: Okay. And then, sorry, final question. I know I'm taking a lot of time here. When you think about these potential changes and modifications in the
footprint, are there permitting elements that you're able to accelerate before that first quarter 2022 target date? Or does that sort of date then start
the permitting process for these modifications?
Question: Don DeMarco - National Bank Financial, Inc., Research Division - Analyst
: Just building on one of the last questions. There was a mention of comparing Kiaka to Gramalote. Maybe I'd take this a bit further. And is there a
chance for some of the projects that Tom talked about to take priority over Gramalote, say, over the next 12 months? I mean you've been in Egypt
and Finland and Uzbekistan for a few years now. Which of these projects is most advanced, maybe even closest to a PEA?
Question: Don DeMarco - National Bank Financial, Inc., Research Division - Analyst
: Okay. Great. Then given the Gramalote NPVs in the $500 million range at this point, and obviously, as you mentioned, there's visibility for it to grow.
But is this project perhaps of a magnitude now that's better suited to one owner? And maybe if you believe in the project, is now a time to increase
ownership? What are your thoughts on that? We know from your previous comments that Anglo likes the project as much as you do.
Question: Don DeMarco - National Bank Financial, Inc., Research Division - Analyst
: Okay. And just finally, you guys have a strong development team. You built Fekola, finished the Fekola expansion. With Gramalote delayed, is there
any motivation to deploy your development team onto some type of an interim project?
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