I am fairly sure the reason they think they need a 3rd processing centre is pretty simple: they want to produce more than 300k oz pa because they are of the view that that is what the big players look for as a minimum and to get Ramelius rerated they need to win over the big players. And the scale of operation that they can digest which would not attract the bigger predators is around the 100kozpa mark. So 3 processing centres each reliably putting out a bit over 100koz pa and bingo: they get rerated.
If they buy an asset that needs development realistically that means at least another two years plus before the new processing centre starts contributing. If, as Joan Jett () says, Ramelius is struggling a bit with community relations with the wheat cockies then a 2 year wait for production to start may be la la talk. And then you have execution risk, as shown by Dacian and Gascoyne. So, I reckon if they buy a third processing centre it will be one already in production.
Mark Z said that the new asset would have to be long life, high quality and well regarded in the market. Tampia currently does not tick any of those boxes either.
Personally I lean towards a merger of near-equals that is not too dilutive for either party perhaps being the best way for Ramelius to nail that rerating that they are looking for. I don't follow too many other Australian goldies to be able to suggest any likely candidates so no chance of me cross-promoting.
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