HT,Good post and I agree with your sentiment. However, TB’s...

HT,

Good post and I agree with your sentiment. However, TB’s conservative approach to M&A has IMO been the best outcome as there would be no doubt more value for money opportunities available now than at any in TB’s tenure. I would challenge any poster to provide an example of an M&A transaction that occurred in the copper sector in the last few years that would now be considered good value.

RXM looks attractive, but they haven’t published an ore reserve yet, so IMO the PFS study results are questionable until supported by an ore reserve. It is also worth noting that the majority of the directors of RXM were formally involved with Balart Gold, which got taken over by NCM a while back. NCM purchased a dud as the resource did not meet expectations and the project was put on care and maintenance…i.e a similar story to Avery.

I also think there is a strong probability that the life of PH will be extended. Obviously studies need to be done but I don’t think they will walk away with 200Mt of ore (at decent grades) left in the ground. By the end of 2013 we should know a lot more about the future of PH and Big C