Majors are often pretty happy to let the little guys do the very early work, and buy back in later, when they know the little guy has no choice but to dilute.
In this case Anglo may have their plate full in nearby more advanced projects. They’ll have a bunch of prospects on the list and they would be ranked in order of priority. Eg best economics in scoping studies and earliest to cashflow.
Speculation only.
(Spec) Gold Turnaround Story of 2018, page-420
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