DF,
Hope you had some.
I've not considered other offers in detail, but imo there's a whole lot more value in there. Is the pope a catholic? BHP or CVRD I guess. Maybe a Chinese or Indian group.
Just a pitty JBM hadn't spent another couple of hundred million on exploration at 15c/lb. Still at the stage where someone will be paying for the geology, rather than just the discovered resources with some upside factored in.
Moore sees the Kambalda region going down to about 1200 metres, and look at the grades that are mineable there. In comparison JBM has only scratched the surface in terms of exploration and grade (as well as depth). And as we know a lot of deeper exploration is only cost effective once there are deep production declines to drill cheaper from.
I am not sure we"ll get A$30, but do expect something above A$25.
My 30% of portfolio has just become 38% so for me it feels like Xmass today. It does however leave me with the delima of once more searching for a true "no brainer". I will also need a new nickel stock (not necessarily a nobrainer).
EL
JBM
jubilee mines nl
