Agreed. $2.50 or more is possible in the medium term say 3 years, and MC north of $4b, with some bolder M&A. Another scenario is RED, their production equals WGX more or less and has 16 years of reserves in one mine, compared to WGX multiple operations and shorter reserves. RMS + RED would do >550kozpa in a few years once Roe-Rebecca comes online even without Edna May, and a proforma MC today of $2.1b, I could easily see that doubling to $4b if we do >550kozpa. EVN, and the former SAR and NST being the yardstick when they were that size.
Ann: Change of substantial holding for MGV, page-13
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$2.19 |
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