Why would a RIO or BHP buy it at this point in time? They are...

Why would a RIO or BHP buy it at this point in time? They are flush at this point in the cycle have no requirement for such technology until their high grade deposits deplete. Todd on the other hand acquired a mine and given the monopoly of the big 4, have to look outside the box to get the mine into production and that is a great relationship to have. Others like FMG will soon have to start looking outside the box too. You might recall they signed an MOU with Vale a number of years back to blend in Singapore the high grade Brazilian ore with the low grade Pilbara FMG ore. The market turned and there was no requirement. It all comes down to timing.

I would imagine TNG isn’t a pimple of an elephants behind at the moment. There’s not a great deal of M&A activity in junior mining. A good example is why did some of those junior lithium miners get to where they are currently without being taken out. I reckon plenty thought a number were prime takeover targets. It just doesn’t happen a lot.

I have no doubt SMS will be part of a financing package but why would they jump early just for TNG to have a cash reserve on the balance sheet. I think you’ll find the structuring on TNG and Mt. Peake will be reasonably complicated, not a simple structure like present. A lot of JV type arrangements.