The next step for SBM is clear. Growth via acquisition. As good...

The next step for SBM is clear. Growth via acquisition.
As good as Gwalia has been for SBM, the challenges of going deeper still (ground stability, heat management, ventilation, material movement systems to name a few) make production predictability much more difficult. Equally Simberi is at decision time. Not that I think its a tough decision for them to make - 100M$ CAPEX decision to add 8 years of Sulphide ore into the mine plan (130 K Oz per year). Simberi management team has demonstrated that they are capable of executing the plan - so the next step with Sulphide seems secure.
The challenge becomes what next in order to diversify and grow? I'm interested in others thoughts in this space? I have thought the natural next step in Australia was to take out Catalyst. They own 16%, the market cap is around 100M$ and the prospects for high grade, substantial open pits are very real (see latest Catalyst deck). SBM already clearly think so - but it wont add ounces in the very near term. Catalyst aside, its the North Americans who clearly have better valuations. I cant see a bolt on big enough in Australia that would make good sense for SBM. When you look at NA space for gold companies with long life assets, trading at low valuations (and with similar market caps to SBM) you quickly get to Alacer (listed here, based in Colorado - with production in Turkey and growing nicely), Detour (Massive open cut - low grade, high tonnes - stable in Ontario, Canada - but would be more suitable to EVN or Newcrest versus SBM skill set). Who else? They would need to have a market Cap around the 2BN mark?? Its time to start naming names.