Too true Macros. In response to Sharpshooter I was just going to say, how is the price of the Intrepid sale to Northern Star looking now.
The gold price was way lower when Harmony closed down Mt.Magnet. They were initially going to sell it for 65m to Monarch gold before that company collapsed due to financial pressures.
http://www.miningmx.com/news/gold_and_silver/698946.htm
Ramelius paid cash up front for Mt.Magnet which was attractive for Harmony to assist in pursuing their focus in Papua New Guinea. Harmony were paying $5m annually in rents and rates at Mt.M for a mine that wasn't running.
Ramelius got a good deal. Now according to the latest RMS presentation we could be looking at +1m ounces over +8 years for +500m after capital. I would also imagine you can throw in some upside from underground shoots not fully drilled.
Now there is no guarantee that Mt.Magnet will achieve this performance but there is also no guarantee it wont do better.
a sad outcome, page-32
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$2.03 |
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|---|---|---|
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