At some point investors had to punish the gold miners for not pushing equity growth through M&A consolidation.
I believe we are at this point.
The gold miners are attracting very little new capital.
Where's all the growth stories?
Where's the opportunistic asset grabs?
I can name a half dozen companies off the top of my head that are trading below 50% NTA.
My hope is Raleigh Finlayson's maverick approach to consolidation will create a successful template for others to follow.
We already see the beginnings of this with murmurings surrounding the likes of SBM and RED.
I see SL as another potential maverick style character who can potentially set the Murchison dominoes in motion.
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