Money of Mine The Copper Sleeper that Nobody’s Watching (Anthony Kavanagh)
Nov 28, 2025
In this engaging discussion, fund manager Anthony Kavanagh shares his lengthy journey with Havilah and the potential of its Kalkaroo copper project. He narrates his early impressions and details the impacts of major deals like those with Oz Minerals and BHP. Kavanagh also explains the complexities of the Sandfire deal and why Havilah remains an attractive investment despite challenges. His insights into market dynamics and technical considerations make for a captivating listen, as he ponders the future of copper exploration in South Australia.
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First Spark: Seeing Kalkaroo In 2022
- Anthony Kavanagh first encountered Havilah during an April 2022 Adelaide site visit alongside Oz Minerals and others.
- He left thinking the asset looked oversized for its market cap and potentially attractive to a larger partner.
Big-Player Takeover Created A Buying Opportunity
- BHP's takeover of Oz Minerals left Kalkaroo orphaned because it was too small for BHP's portfolio despite being technically sound.
- That created a rare opportunity where a quality asset sat undeveloped due to size and capital constraints.
Private Approaches Preceded The Sandfire Deal
- Kavanagh and his group made several approaches offering capital, management help and a PFS funding path to Havilah.
- Management rebuffed some offers but those approaches likely influenced later bids like Sandfire's.