$40 cents club, page-1121

Without doubt Joe, the temptation is there, but... unlike last time, most of the MDs now in change of the producers, were already in the sector during the last bull run and know all to well what a disaster it was, plus.... why the hell would any MD want to grow their business just for the sake of it, mining is damn hard as it is! Let alone with even more operations under your belt.

There will still be a few MDs that may well make similar moves to the past, but I think investors have also learned hard way that acquisitions don't always make better companies... better... it just makes those selling the assets a clear exit point. Any acquisitions should be sweated.... tested... brutalized before ever getting close to making an offer.

Hey @rowingboat - I think your numbers are fine, except, just like say, SLR, their U/G reserve lives are short, but... Darlot has proven it keeps going long after it's initial reserves, so if I conservatively budget a further 500tkpa for Darlot for 12 years there is another 1+ year of mine life for the total project.

(Darlot with no end in sight for the actual resource being depleted with a further 1.8m ounces in resource.... 16x the reserves!)





Don't even start me on GMD and RFs continued walking on water act.

Suffice to say, perhaps RED should look at merging with the likes of BGL... long mine life, similar production profile and the ability to manage staff within a small geographic area (lots of synergies). Plus, it would arguably create a premier Mid Tier play, sort of like what RF down at GMD wants... but cannot really do with the old DCN plant and the small SBM plant (nothing against Gwalia, its a great orebody).

Agree about some assets still being cheap, though most of them are small scale and bolt on acquisitions (that's where I see the most opportunity).

Looking forward to seeing how it all plays out.