I’m not sure what the realistic value of Ravenswood is but I...

I’m not sure what the realistic value of Ravenswood is but I think any of those companies, even SLR, would be able to digest it.

The problem is that all of those other companies want mines with higher production/lower costs than Ravenswood. They want the higher quality assets that each already has. SBM has been in the market for a 200koz project at A$1000/oz for more than a year. Of course no one wants to venture to riskier jurisdictions like Africa either.

I see the natural move for some of the mid tiers is a merger with each other rather than acquisitions they aren’t happy with.

I’m not sure if the Chinese are still in the market for Australian gold mines like they were a few years ago. Haven’t seen much movement from them but they seemed to be ok with higher cost operations previously. WGX were the one willing to snap up the rubbish assets from everyone else but it has proven to be a pretty poor strategy.