Selling the Leonora assets also brings about a dilution to the SP. The balance sheet may clear a debt but it also clears an asset and in the case of Leonora FY22 is 552mil. diluting SBM total equity by close to 1/2. Another point on how good an asset we would be giving away, not many mines produce an average of Au 6g/t of ore.
And following, why give away the goose with the golden egg which props up the rest of SBM.
Why we have to approve GMD deal, page-22
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