I was just reading through an updated research note by DJ...

I was just reading through an updated research note by DJ Carmichael on Hot Chili (HCH) and came across the following..

PanAust acquires 59.3% of Chilean copper-gold project:

In an interesting recent development, Australian based copper producer PanAust (ASX:PNA)
has received Presidential Approval for the acquisition of a 59.3% beneficial interest in the Inco
de Oro Project, north of Productora, located on the margins of the IOCG Belt. Codelco, the
original owner and world s biggest copper producer, will be JV partner with a 34% interest.
PNA will hold a 90% interest in Inco de Oro S.A. through PanAust Minera with the remaining
10% being held by an Australian private company, The Minera Group.
PNA will pay a total of US$55.3m which includes US$10m required to fund a feasibility study.
PanAust Minera has also agreed that Inca de Oro S.A. will pay a 2% net-smelter return royalty
to Codelco, capped at US$30m.
The Inca de Oro Project has an existing resource of 259Mt at 0.46% Cu and 0.13% Au (Mo
grades of 0.011%), being a lower grade than Productora. Attributable resources to PNA would
be 153.6Mt for 860,000t of contained copper. A PFS completed by Codelco envisaged a
conventional open pit mining and floatation operation supporting annual production of 50,000
tonnes of copper and 40,000 ounces of gold in concentrate. This is an equivalent size and
grade to the Cerro Negro IOCG deposit in Chile. The deal shows that deposits of this size are
attractive targets for mid-size companies and PanAust Minera have stated they are actively
seeking other project opportunities.

Does anyone here think that PNA would attempt a takeover of HCH?