News: GMD Genesis Minerals On Track To Acquire St Barbara's Leonora Assets, page-3

Not sure I would gush about how clever "deal ends June 30" is. That is an old one. What are GMD going to buy on July 1 instead? Come to think of it ...

Not sure processing Ulysses ore at Mt. Morgan's is that easy. Related party deal would need minority SH approval, which is to say Kin/Delphi approval. Same Kin/Delphi the GMD appointed board shut down the Mt Morgan's mill rather than process outside ore. But ....

To answer my own question, by June 30 GMD could make another offer to get the last 20% of DCN without having to top up those who have already accepted. Given they paid no cash for the first 80%, for $200 million cash you would think they could get the mill and the resources. SLR would not have to pay so much for Leonora if GMD dropped out, or maybe they could wait for SBM to go under. I can't fault RF for lack of ruthlessness, so maybe that is what is coming.

(There is also the question of water supply for the Mt. Morgan's mill. DCN have been vague on details, and DCN called for expressions of interest to process ore before saying they would shut the mill in part due to water supply problems. That was odd - why call for expressions of interest if there wasn't enough water to run the mill? I don't think they have explained what options there are to find more water or use less water. If there was an easy fix you would think they would have said.)