newcrest sweetens takeover bid for lihir , page-24

It is understandable that NCM would want to further DD before upping the ante.

NCM management will understand that if they don't get serious with their next offer they run the risk of missing the boat and in turn run the risk of being taken out themselves.

Whilst plenty of rumour exists re a NEM bid I wouldn't be surprised if FCX have also taken a seat in the data room - given its big Grasberg copper/gold deposit is not too far away - with revenues of 15 billion last year alone FCX would have the balance sheet clout to make a play for LGL

Bottom line is despite the "noise " we are hearing from NCM NCM needs LGL more then they are letting on and I expect their next bid, once further DD undertaken , will be more realisitic