Gold Price, page-287

There is a little more to the story.

A few years ago GOR was in much the same position as DEG are in now. They were an explorer who had made a very good discovery that was too good to leave undeveloped.

The option they chose was to sacrifice 50% of the mine to Gold Fields and in return Goldfields would pay all the development costs, run the mine and share the profits 50:50 with GOR.

Another item in the agreement was that Gold Fields were never allowed to bid for GOR unless another acquirer made a bid and GOR were in play.

I see DEG as having GOR as a millstone round its neck. No one else wants to touch them. Generally, a blocking stack is regarded as quite a lot less than 20%.