According to _WestBusiness _calculations, Baker Steel's known stakes in WA-based companies - from Norton Gold Fields and Auzex Resources to African-focused Resolute Mining and Gryphon Minerals - were worth about $116.5 million at yesterday's share prices.
Mr Baker said he saw "a lot of value in Australia" and expected more consolidation on the back of Conquest Mining's tie-up with Catalpa Resources and Focus Minerals' bid for Crescent Gold.
But he said explorers had "probably got a bit expensive relative to the producers" and he saw some obstacles to corporate deals, not least the egos involved. "But we've made it clear that we favour consolidation," he said. "For companies that don't join the bandwagon we're saying 'do we really need to play there?'"
