I'm sure the CEOs of both companies will work to maximize their...

I'm sure the CEOs of both companies will work to maximize their respective shareholders' interests, as they should. Both companies will be further ahead by working together, as both CEOs have noted. Just business, not a sports match Madwax's diagram above makes it pretty clear how crazy 2 mines sitting next to each other would be....not the best design! And yes, Malibu, Azimut is a project generator, as is neighbour Midland who is partnered with Rio Tinto. That is why they each have so many projects and joint ventures (but also some properties they explore on their own)--it's a risk mitigation strategy. I understand this model is not very common in Australia, but it is reasonably common here in Canada.