takeover speculation, page-18

If a deal is done with RIO, ISTM that a JV is the way to go for all concerned. As has been pointed out, RIO haven't got the cash right now to buy us at an acceptable price - but Rossing South would be hugely valuable to them. Remember also that the CAPEX needed to build a pit at RS should not be too large, relatively speaking.

As an Extract shareholder, I'd be happy to accept a fair share of a listed Rossing + Rossing South JV. I imagine tne large Extract shareholders would too - considering that they could place some or all of their shares at the time of listing. The listing could also give the JV a way of raising cash for the CAPEX, without RIO having to dig into its pockets.

Just an idea, but I hope it's being given serious consideration. If it is, then a fair bit of feasibility study work is needed before it can be presented to the investing public - and also to determine what a "fair share" is. Should show a great IRR when that work's been done.

The problem, from RIO's POV, is that whilst this is going on, someone else could jump in and "make us an offer we can't refuse", to quote the Don.

Enjoy your cold 'uns. :0)