Ann: Quarterly Activities Report, page-26

I think the key is SBM's strategy with Gwalia. They are finishing their underground capital works programs to boost tonnages to something near 1 Mtpa. The mill is 1.4 Mtpa. They're doing various studies around efficiencies at the mine etc and I think a lot of this work should be completed over next couple of months (impression I got from the conference call last week). Being a bigger company they will be a bit more methodical and wait for the outcomes of studies etc before they go and takeover juniors. The new MD seems to be someone who takes this approach and gets in consultants/SMEs etc but he also mentioned trying to be more aggressive with exploration and opportunities. Paying a bit extra later likely doesn't concern them.