An alternate view could be as a significantly larger gold...

An alternate view could be as a significantly larger gold producer, the CTP JV's 75% share of 150,00oz pa may not now do it for them, potentially providing a greater incentive to really pay up to gain the full 100% holding (perhaps by issuing shares to TAM shareholders given APAC is already a NST shareholder).

NST have spent years putting together their large Tamami lease holding and only recently BB commented that he considered Tanami to be an 'exciting' play. I totally agree, NST's SAR merger may well trigger a number of potentially profitable outcomes for TAM shareholders none of which are priced in TAM's current SP.