Maybe SXG are preparing to make a move on NAG, either a takeover...

Maybe SXG are preparing to make a move on NAG, either a takeover or merger proposal?

Apart from their right of first refusal situation and the current JVs, SXG appear to have no guaranteed access to the Nagambie processing plant, and they might wish to remedy that in view of the difficulty of getting permits for new mills in Victoria.

When the current exploration activity in the Vic Goldfields progresses to mining, there's going to be a need for new processing plants. The Nagambie plant capacity will probably be mainly taken up with production by the owners, GCM and NAG, and there will be competition for any spare capacity and other toll options.

For developments within hauling distance of Maldon, there might still be some tolling capacity there, although KAU might in due course fill the mill themselves when they re-start production at the Maldon mine.

Interesting times ahead.