Hi Richie,Always good to get other views. I’m UK based so don’t...

Hi Richie,

Always good to get other views. I’m UK based so don’t know Aussie miners too well but I’d agree cost control has gotten way out of control, though not just in Oz.

You ask why nobody else, why now? To be fair someone has to be first and that’s NGF, this often triggers competing offers. Also NGF’s came out of the blue, they obv regard it as their No1 target so who else is out there thinking the same thing? May be nobody, maybe 2 or 3? BGL have 3.75m oz of indicated and inferred. Who else has that going for $22m?

Look at projected C3 cash costs for BGL, they’re looking quite attractive as well, atm it’s $930/oz but nano-filtration looks like knocking $65/oz off that to $865/oz. After a shaky start I think the Brett and Mark have done really well consider they’ve had little or no ii support.

In the UK there’s so far I know of over 10% of shares in retail hands that are not even close to accepting the offer. Heard (2nd hand) that another 10m+ holder isn’t accepting either. There’s been few sells and mostly sub 50k at or near the offer price. There has been more buys above offer price!

I think this offer is going to flop and I wouldn’t be surprised to see it upped considerably and quickly. If nobody sells volume then NGF have to offer more if they want it. Personally I want to see us get to DFS though know that’s now unlikely.