Ann: Annual Report to Shareholders, page-6

This is spot on. Just watched a small clip where the financiers at Sprott suggest the cost of capital for senior precious metals producers is currently around 5% whereas the cost of capital for juniors is around 15% - the widest spread they have seen. Gold fields et al should be able to pay more than Archie could realise going alone simply by the lower cost of capital... I hope they find middle ground where it’s a win/win for both parties..