eshmun, you can see at the start of my post that I said ‘other...

eshmun, you can see at the start of my post that I said ‘other companies’ which meant to exclude SLR as I know they are merging with DRM. The others are in the mid-tier category. You’re right, I shouldn’t have generalised as some of the mid-tiers have shown recently that they are willing to look into more opportunistic M&A of smaller operations (NST and RRL). SBM and EVN have no desire to buy something like Ravenswood in my view based on their public comments about what sort of assets they want, and based on they have divested (or tried to divest in SBM’s case). SAR may be more flexible (although I think want something bigger too).

In general I try to see both sides of the coin. Ravenswood may have good reserves and heaps of potential but RSG still want to offload it. I note in the space of two sentences you derided me for believing DRM’s forecasts for Deflector and then stated the RSG Ravenswood forecast without a hint of critical analysis of the feasibility study.

I haven’t owned NST for many months for many of the reasons you outline, so we’re in agreement there.