This Is End Game. Azarga are Agreeing In Principle., page-47

Buc, I told you already. The odds were/are in the favour of shareholders for the latter and not the former. I looked at PEN and decided the South African exposure was toxic and Toro was not going to happen. Alliance is close to Kakadu and ERA is badly managed. PDN has low grade African exposure. Rio is the chicken way to get u exposure but is really an iron ore ETF.

Cait