I guess my counter point to that would be....If you wanted to...

I guess my counter point to that would be....
If you wanted to own both assets... which would you acquire the first....?
I argue, holding Karora first, blocks the point of holding PNR (potential rival), but not the other way around.

Also, whilst I agree about the reserves, the current production rates are... 70-80k (PNR) vs 160k+ (KRR).

KRR have put in a lot of time and $$ to get Beta to where it is (plus acquiring the Lakewood plant).

PNR has a way's to go before being anywhere close to 170-200k p.a (though there is that value proposition).

nothing wrong with a little speculation btw

@forbearance1 - agree, I don't want PNR T/Oed until they are close to fair value, but... GMD has proven beyond all doubt, that does not happen (Gwalia and DCN being good examples) to existing shareholders.

POG continues to do PNR a favor, any spot sales occurring right now are surely incredibly profitable.