Clear Focus to Mine, page-5

To be honest they have been talking about comparisons with CSA for years & years.Talk is cheap.

Personally i don't believe the deposits ( Mallee Bull, Wirlong, Southern Nights etc ) are as good as what Peel likes to make out. Not disputing the MRE's. Those figures have to go through rigorous scrutiny. But If the resources were as compelling to extract as the company rhetoric often states then you are right they would have been bought out by now. I just don't believe the buyout case is compelling for a suitor at the moment.

There is a hell of a lot of capital expenditure that has to be undertaken before these guys ever process 1kg of ore. Maybe a potential suitor/s is waiting until they have loaded themselves up on debt & the share price sinks accordingly. There is always a period during plant construction, commissioning & first production where doubts surround the viability of an operation. Especially if the plant has trouble with reaching desired figures.

With J.Pitt sitting there on 19% one could make the case his stake is a big deterrent to a buyout.BUT at the end of the day that guy is a businessman. He will vote with what is best for his wallet. Being the largest shareholder he would be the first phone call any potential suitor would make.