Certainly an interesting development. Though I think it says a...

Certainly an interesting development.

Though I think it says a lot about RED's hopes for improvement in the attitudes towards mining within the Philippines.

I suspect there plan was to invest further into their Philippine operations which now looks to be off the cards.

That said, I'm not sure if they would be quick to put Siana on the market, they still have the cash to hold on it and now have an underwritten capital raise coming up.

Whilst I do not think MML should dismiss the opportunity if Siana did became available, I agree that it's probably an acquisition that is beyond them for the next 6 months or so whilst the service shaft is incomplete (which is incredibly frustrating)...

Had the shaft been completed I think this Siana is the perfect fit if you can get it on firesale. Would be interesting to know what they'd sell it for...

... the market had basically written it down to a value of $0, but I doubt they'd sell it for that.

My thinking is that MML's Co-O operations has the infrastructure and resource ounces to keep MML cashflow positive for the next few years whilst Duterte completes his term as president (after which we might get a more favourable regime change) at which would then make assets like B1/B2 and Siana substantially more valuable and give MML a lot of upside potential to become a genuine mid-term miner.

And I don't subscribe to diversifying for the shake of it if the best bargains are in your existing geographic region.

No point buying up gold miners in the WA that have already gone up 10x in value, when you can buy operations in the Philippines that are currently on firesale.

Problem for MML is that the acquisition will have to be for cash not scrip because its share price is so depressed.