they dont care about market cap.
they only care about transaction details - ie. would buying a miner increase or decrease their avg aisc, output etc vs price theyd have to pay
thats why im baffled they havent bid for rsg yet - its being priced as a quasi developer - which being matched to a strong cashflow miner would immediately resolve - and its jewel asset syama is a complement for any major miner - even before the new dfs.
market hasnt priced anything in for bibiani or nafolo let alone the minority equity stakes - so that would be pretty much free upside
the only fly in the ointment is having to pay that t/o premia for an aussie operation most waf operators wouldnt want - but that shouldnt be an insurmountable issue with so much value in the waf assets
if they wanted they could just agree to spin out the aussie operation as a standalone they retain an interest in - so mgt doesnt lose time worrying about a non core operation - if they didnt want to trade sale
a well regarded larger intermediate size operator (500-1mkozpa) - esp the one gives better multiples to - would immediately get halo valuation upside simply from the massive resource inventory boost
and in current world market significant debt component funding of such a deal would be v straightforward
rsg will do great standalone
im just surprised the North American's - who tend to go more for african gold plays - havent recognised the opportunity - esp if they could use USD purchasing power
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66.3¢ |
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