Obviously we might be valuing another Cadia (if lucky) at AUD...

Obviously we might be valuing another Cadia (if lucky) at AUD 1.6b for the 100%, plus whatever cap ex is required if further evaluation goes well. That is a big discount in a good scenario. There are lots of objective ways to analyse a gold mine. Imperial were probably facing a debt problem, so I doubt Newcrest were in a mindset to overpay while having the expertise from Cadia to make this mine work well. Would suspect Imperial wanted to retain the 30% with Newcrests relevant experience in mind.

Glad to see it is geographically below the tree-line too - since they included a dodgy location map with the latitude tilted 45% or whatever, I was a bit worried. Spin doctors are getting a bit out of control, and this subtle sort of bad corporate behaviour annoys me to be honest. Lets keep the north pole to the north, and use the typical map of Canada or North America to display a location in that region! IMO