PT,
Seems to me MacQuarie might be more than a little on the high side.
On the other hand GSJBW putting 30% at $20mm is ludicous. Values the whole at a mere $67mm, or Anglo's 70% at $57mm.
If you believe that, you'd have to believe Anglo were incompetent idiots and IGO deluded fools, lol. Easier to believe GSJB were on another planet. IGO free carried through the PFS. After carrying IGO, Anglo's share must be worth even less.
Yet, forget the number, about 30 I think CB said, geologists Anglo had at peak on the study. Something like 40% of Anglo's global exploration budget. Nah, prefer to believe Anglo know more about gold projects than either GS or Macqers do.
Anyway interesting post, tells a lot about how other investors are being advised (or misinformed) wrt Tropicana.
EL
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