url: universal and vulcan to merge , page-30

Xstrata have always had a foot on the best exploration potential (through SEEP JV) so that may have deterred some of the bigger players and they probably were probably happy to let URL languish so they could pick it up for a song at some point if they wanted. CUO had no funds and their own projects to worry about until CFE bailed them out.

Recently there's a been whole lot more interest in the area (thanks to CDU, IVA, DYL etc) and plenty of cash (IVA, CFE, Xstrata, CYU). I posted the other day that there are almost no vacant areas of land on the tenement map of the area, and lots of competing applications for the last available lots. URL is a big land-holder and a lot of exploration potential they have yet to make a start on. The big exploration successes are showing that you need to throw a fair bit of cash at it - tens of millions rather than millions, so quite likely some more consolidation to come.