Use their funds to take over AMX, PVM, GRY and AZM (and by extension CDT) to build mines on these tenements and have the second largest gold mining company in OZ after NCM, is my wild guess.
The failure of the PVM/Keegan merger is not good for their shareholders in this market environment because it adds risk at a time when goldies are out of favour and will find it harder to fund new mines without being done over by the banks/brokers. However PVM shareholders would probably do a lot better by PVM going it alone if the goldie environment were more favourable (eg as in 2010 or 2011).
I think I read that MacBank also opposed the merger.
Taurus and Acorn will be looking for a takeover of PVM, I suppose while MacBank would probably like to finance their mine, thereby getting a nice interest revenue stream plus benefits from a lowish hedge (like it did for MDL (now TGZ) and ADU).
loki
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