Am I right in thinking that Monday's announcement by Ramelius to go hostile was triggered by Explaurum's Friday announcement regarding the Mace prospect?
The existing mine plan by Explaurum at Tampia Hill involved ore at an average grade of just over 2g/t. My guess is that the economics of trucking 2g/t rock from Tampia Hill 140km to Edna May would be marginal at best and Ramelius were probably happy to chat with the Explaurum management with no great urgency. But those economics and the urgency of the Ramelius board totally changed with the information that the Mace prospect, which runs near-surface away from the proposed Tampia Hill pit, is looking like it might well have an average grade at closer to 5g/t.
5g/t from Mace may be the making of the stage 3 open pit option at Edna May. The good thing for Ramelius is that this logic only applies to them, other possible suitors for Explaurum will only get one mining operation by acquiring it whereas Ramelius will get two (assuming they go ahead with building a plant to process the proposed Tampia Hill pit).
Ann: Ramelius Takeover Offer for Explaurum Limited Presentation, page-115
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