Speculation mounts re Sirius' Independence, page-220

EL

You state that gold is not the problem, yet NST is down around 27% from its recent highs and EVN is down 30% since the middle of June. Both these companies would be considered quality, mid-cap Australian based gold miners. I would say it is the market that is the problem, plus being subject to the hedge fund games that invariably get played during predominately scrip bids and that have to invariably unwind at some point. Don't forget also that unlike EVN and NST, IGO is a diversified miner so that while the majority of its income comes from gold, there is also a not insubstantial amount of income derived from base metal production, including nickel and zinc which have both been belted. This would also be an additional drag on its share price and could be another reason why IGO is down more on % terms than either NST or EVN.

But irrespective, the whole commodities market is down whether you are gold only or diversified so to blame the IGO fall substantially on the SIR deal is unfair IMHO