SBM....potential takeover target?, page-46

Most logical partner would be RED given the scale of the mill can allow very low cost comminution per tonne of ore and likely a better payback on an eventual installation of a solution to deal with sulfide refractory ore. This raises the possibility of transporting ore from Tower Hill and Harbour Lights (refractory) for treatment at King of the Hill IF SBM can manage to fill Gwalia with higher grade underground and Bardoc mine tonnage.

RED and SBM also share a tenement boundary so possible some upside from exploration synergies.

I'd personally be cooling my heels on a merger with RED though until they can demonstrate consistent commercial production. I suspect there might still be a surprise or two on the realised head grade / mining costs there.