The problem with your theory CountClark is to presume all...

The problem with your theory CountClark is to presume all exploration sites are of equal value. Obviously they aren't. Its a bit like buying a bag of marbles. There will some good ones and a lot of ordinary ones.
As EdShann has pointed out the market wants life of mine (LOM) longevity and this acquisition gives us far greater certainty of that + optionality. My quick summary is that we might actually have four sites working at the same time down the track. Plus this acquisition will be economical because of the low strip ratio.

And Ed, I wouldn't be too concerned on the fact that Sheffield was up and IMA down - one man's trash is another man's treasure.
I recollect looking at Sheffield some time ago and thinking they will need some serious coin to get this going - well, this sale goes part way towards that and we are part way towards a much more interesting LOM.