Excellent take.
I would prefer KRM dilute or sell for royalty.
Let's not forget KRM and BHP are only in bed for the exploration.
Average time from discovery to production is 15 years, so they say.
Scenario 4. BHP will likely select the best prospects for Defined Projects -- they can't kiss all the girls. Potentially glossing over a Tier 1. KRM vend to a smaller player up to another big player or explore themselves and they end up with a Tier 1 project.
Ann: Kingsrose & BHP enter Industry-Leading Exploration Alliances, page-26
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