IMO APAC would be very keen to directly 'off-take' TAM's future...

IMO APAC would be very keen to directly 'off-take' TAM's future 50% of CTP gold produced to enhance their commodities trading business. It is likely that the newly signed JV agreement would provide for this. The following is an extract from their Web page:

COMMODITY BUSINESS APAC's Commodity Business is based in Shanghai, currently trading iron ore. With significant industry experience, extensive global connections and contracted deliveries, we are well positioned to diversify into other commodities and are continually looking for new opportunities. Trading Team Experienced team of China traders Strong established relationship in China Proven track record meeting “off-take” commitments Currently focused on iron ore; aims to expand and diversify range Capturing value from the ground to the end buyer Backed by global resource investment team in HK

In my view, APAC would be unable to directly 'off-take' TAM's gold share on the basis that it would create a significant conflict of interest with independent shareholders. Given past poor communication and apparent disinterest in minority shareholders by TAM/APAC direcrtors, I would be very surprised if approval was provided by independent shareholders. IMO the only way APAC could acces this resource is by gaining full control of TAM.

If this is their strategy, I think they are likely to make a bid prior to mining re-commencement being formally announced. I have noticed some unusual inter-day sell-downs of 8%-12% (on frequent small volume trades) over the past several weeks which could be an early indication of 'softening-up' before to a bid.

As TAM's outlook has now finially turned positive, I think APAC would have to bid in excess of 20c to have any chance of success.

DYOR