Not sure about jonathon but I have experience there having been invested in UNV for a long time and was in and out of CZA (before they became MCM) a number of times.
Makhado is a really nice resource and one that would provide a path to market for Berenice. MCM have some really great prospects, the whole Greater Soutpansberg area is rife with coal and they have huge licences there.
If Craig wants to spend money, I'd be focused more on taking out MCM the same way they took out UNV (ie. buy a sizeable portion, then take out the balance whilst blocking the BOD from basically doing anything). Would create a huge expansion portfolio throughout South Africa and with the current high prices for Coking coal, would be sitting in a very good position to make a lot of money there. They could essentially use BA to fund development. Theres your long term (greater than 8 years) plan.
Ann: MOU Signed for Guinea Iron Ore Project, page-55
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