RE:RE:RE:Intent to Buy?I think your suspicion that BTO is too small to take over IMG is probably correct. They have lot on their plate now building two new mines. The culture is different too with BTO leaning to entrepreneurialism and IMG more bureaucratic.
What might make sense would be a giant JV between BTO and IMG to process about 800k ounces/yr or more from Fekola down to Diakha. It would lower capex for both of them and presumably the economies of scale would lower cash costs to produce. The deposits are all so close that it practically seems like a waste to develop two standalone mines.
I don't see anyone likely to take a run at MXI other than predators for a later flip to IMG. Otherwise, IMG is in the driver's seat owning 50% of the JV as well as nearly 20% of MXI.
When I look at the senior producers or large mid-tiers who might take over IMG, the list is really small as most of them are in a debt-reduction phase and not looking to take on more operations. That said, IMG has no net debt and are in a modest net cash position after debt so that could be attractive. Possibles who could take over IMG with a small amount of their paper would be Goldcorp or Newmont. The largest mid-tier who would be able to take over IMG and would be most interested in the African assets is Randgold.
I think IMG is gearing for a big year end splash: not only taking over Sadiola with a new partner, but also producing a robust Pre-Feas for Boto as well as new ounces from Diakha. If it all looks good, it might save Letwin his job.