For one the offer is not the same. Northern Star off memory offered A$150m and by my estimation if Evolution made an offer it would be closer to A$200m (based on what Northern Star have been offered). A lot of gold has been produced in the time between offers and the reserves have been both depleted and downgraded. In addition to this the mine has become more problematic and costly to run. Some of these factors have been offset by the higher gold price but not entirely.
In summary I don't think the offers are comparable. Too much has changed.
Do I think Anton would accept this offer, probably not but it would be worth considering and it may set the stage for a better offer if Evolution see some potential. Gold mines don't produce gold profitably forever. A lesson I am sure many of us have learned over the years.
RND Price at posting:
$1.52 Sentiment: Buy Disclosure: Held
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