WMC & DCN made the rookie mistake of trying to trade and cashflow their way out of trouble, this almost never happens.
SBM are not there yet but if they chose the same path then they'll face the same outcome.
They still have a chance to halt works on all their mining centres. Divest most of them and maybe keep leonara running for a little while longer.
It is much easier to restart a mine with your own cash as opposed to trying to trade your way out of trouble with a suck and see approach. Cost clearly are going to continue to increase.
RMS made a gem of a move acquiring AOP with all scrip. Masterstroke by management.
Should also make a play for AUC, all scrip $200mil TO. It'll set RMS up long term in 3-5 years time for 10-15 years + when RMS has 2 large scale 100koz Open Pit Low Cost Open Pit projects.
Apart from AUC. there is literally no other open pit projects of 100koz p.a. available for acquisition.
gold outlook bad for RMS, page-32
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