opportunistic and derisory offer , page-4

I doubt there will other buyers other than NGF, if there was there would have been one in this long time, why now.

The contributing factor is that the price of gold is low and the poor management of many Australian gold miners will see other projects on the sale block. Look at EVN, there is talks that they are selling off Edna May, led by an experienced Jake Klein and EVN is still struggling. There are many others to mention as well.

Apart from NST, DRM, BDR, and RRL (don't count NCM), what other gold miners are doing well in terms of keeping costs low? The answer NONE (the truth is Aussie gold miners are not good with cost controls) NGF is another good example, since the Chinese took out NGF, which NGF was once a laughing stock of Australian gold miners with excessive losses on bad hedge positions. The Chinese appointed Dianmen Chen, who is a very highly experienced executive, with proven success in Australian mining eg. SinoGold (with Jake Klein) and CITIC's magnetite mine in Cape Preston. This man, who I have been watching does well in buying a "high cost running" mine and improves operational efficiency and lowers overall cash costs. So its understandable that he has the full support and funding from his Chinese SOE backers.

Though, my average, is so much higher than these levels (alot), I am quite sad with realizing such a loss and the poor efforts by the previous Auzex boys in making BAB such a mess. I will never believe John Lawton and his Auzex boys ever again. The current has not done a good job as well, while its all talk and no action. At least the Chinese have all the action going on.

I just hope we get a higher offer from the Chinese and even if its some NGF scrip or extra cash, cause I think long term, NGF will grow big and strong. But I doubt Zijin will allow to see their holding in Norton dilute further.

To answer your previous questions, I don't think RSG will block the NGF as RSG is having troubles and cost issues with its African operations. So RSG would want cash and preferably a higher offer.