100koz production For a fifth of what focus is worth
PLUS focus gets exactly the same sort of tenement and structure,including what has variously been called a 900kt that could be upgraded to a 1.1MT plant for approx $6m(2006)
Even the pictures of the plant look similar to the 3 mile mill.So lets just say,they can probably get it going on the cheap and copy their operating procedures across including higher yield or ship it complete or bits elsewhere.
Altogether a good deal for all concerned.
Without FML an uncertain struggle-with FML a known quantity.
Focus can do it all again,but know CRE have milling for ore of 600kt/qtr? with barrick until 2013.Then again,without that 2M ton going thru the barrick mill,maybe that'll become uneconomic and on the block in the future(getting a bit ahead of focus here)
Just enough time to either do it all again,or just shift plant 400k south to TI in the future,who knows.
For CRE holders,why bother trying to do it on your own,a bit like copying Mcdonalds manuals and thinking you can do it just as good,without needing their personnell to make it work.They can sit back and get the best of both worlds. Holders of FML can testify to not knowing what management will come up with next,except do more and keep growing production at 20% per annum with always growing upside.
Happy to dilute my holding for the added upside,remembering fml tenements were all 2g/ton until they got exploring.BUT IT TOOK FML's MANAGEMENTs attitude to start mining the Mount without a resource defined.CRE doesn't have them and WE DO.That's why the price offered is both fair and a bargain to both groups of shareholders.
P.S. that ups focus to a $300m+ entity and within the minimum market value for some international funds i believe and that means share price upside when they start taking positions.
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