Just what I was going to write, while CTM project might be good but it is not in tier 1 location. Those guys heading PAN are basically BB's mates. PAN Chairman in on NST board and the PAN MD was from EAR and they have done a deal before. Makes sense to do a deal here for the synergies and scale. PAN are 2 to 3 months away from production and if anyone can operate a more profitable mine, it's BB.
Mr VXR, Bill Beament, page-317
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