Ann: Mt Ridley to acquire high-grade Philippines Gold Project, page-31

500 million? @Deadfred

my initial thoughts are mixed.

its certainly potentially a monster project and i take my hat off to management for their ballsiness in contemplating an acquisition of such magnitude, and can see now why it took so long for the asx to let this one go so easily.

i am not a massive fan of the political stability of the phillipines, never mind the south of phillipines having had shares in companies even pre president dutarte,  that have lost projects or had legal problems (however once again i do note in the announcement the thoroughness of the work that seems to have gone into creating the correct legal structures so that this doesnt happen in this case!).

I also note that MML has a proper working mine in the vicinity, which is good news. and really is the political instability any worse than most african nations where many australian companies have operations?

the dilution, hmm yes, well nobody is a fan but i guess the other option is to pay cash lol, so its a necessary evil.

sadly , i think this announcement would have been much more well received if it had happened a few weeks ago, but such is life.

and  i know they also have a proforma "cashflow" to show how funding will be spent to get the mine up and running, but george harrison said it, "its gonna take money, a whole lot of spending money to do it right"

so its an interesting one