SBM aren't doing the consolidation, GMD is. I think the end vehicle will be GMD shares with Finlayson at the helm.
Here's my thinking:
1. Keep processing stockpiles at Mt Morgans for now.
2. Improve confidence in Genesis' existing deposits to get them to M+I standard.
3. Once stockpiles exhausted, relocate the Mt Morgans processing plant to Genesis. This unlocks the value of Genesis' deposits. Otherwise haulage costs are too high for majority lower grade ore.
There will be significant capex savings to relocate the processing infrastructure vs building a new plant.
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