In their recent Feb presentation, WGR are targeting decline construction commencement in 2012.
While this does not include processing plant construction, it would seem to me they would aim to have all of their project funding locked-in in the second half of 2011 or by early next year, assuming the merger is completed.
The unknown factor is if/when open-pit mining begins at CMGP. Agree with the comments by earlier posters that the Bidders Statement appears quite internally inconsistent on the potential prospects.
Feral, I wouldn't read too much about AngloGold foregoing its claw-back rights.
See this all the time with the big gorillas - unless a project is big enough to meet their minimum internal NPV requirements, they're just not interested.
With "only" 1 million ounces delineated, WGR would not fit the bill I would imagine, compared to the work / resource commitments that Anglo would need to commit to by exercising the clawback rights.
AAG Price at posting:
27.5¢ Sentiment: LT Buy Disclosure: Held
