WR1 General Discussion, page-32498

The way i interpret, CE has said Renard (Renard + Adina quarry) would save them around 500m. And there has been inferences of a couple / few hundred m to finish it off. ,,,lets say they still need to spend another 250m.

Implies the greenfield comparison (Adina only) capex was only 750m to begin with.

The fact that Renards replacement cost is 1b, V savings of 500m. What that means is that there is surplus bells and whistles in the brown fields that we would not require so much, in the green fields.
eg. An airport ? the size of the gas fired plant ? the over sized accommodation.
It is an abundance of riches, that we pick up for only 52m.

But those excess of riches could prove valuable for ease of access to accommodating a larger workforce. It is not wasted, and could very well be reasoned as part of the take over value.

The book value savings to us is 500m (Vs greenfield) as CE has said, but the book value of infrastructure is 1b.
It really comes back to the cheaper outstanding capex of only 52+250 say, to get a tier 1 location developer.
Very attractive for a predator.