Where's The Pullback, page-162

I don't think it'd be with RMS- MZ has said we'll bed down the recent acquisitions before doing another one. This approach is appropriate; we're still not fully valued with the additional resources / reserves / production / dividends. The real re-rate is still to come, a lot of heavy buying up to this point suggests a lot of wealthy people see this. We want to do scrip deals at a higher price, so MZ will wait.

DCN have stumbled at the start (think about it- lots of maintenance needed on their new plant? I don't believe the spin). Now they need cash, which we have lots of, a merger with RMS would conveniently conceal the sins of their over-optimistic feasibility study, but I think they'll try to do it with someone else.