RE:Great Interview With Mark BristowThanks for that ng9221. Bristow is probably the smartest guy in the mining industry so it's always good to listen to him.
One interesting thing to note is that Letwin at IMG has changed his outlook narrative to be in line with Bristow's. Letwin is also saying that the asset offerings out there are no good/priced too high. Whether Letwin is just following Bristow and adopting his analysis or if there is a closer relationship happening, I think we will know over the next 8 months as IMG develops the picture for Boto and Sadiola gets resolved.
Rand could easily absorb IMG in a paper takeover. The big thing that Bristow will hate about IMG is that they have too many mines that aren't turning a decent profit at $1000/oz, and that is Bristow's requirement. However, according to the interview, Bristow is interested in looking at mines that are not very profitable at $1000/oz and consider buying them if they can fix them. IMG certainly needs the benefits of a higher level of mining competence in my view so there may be some potential there for Rand to turn it around. For too long IMG, like many other gold miners, have been dealmakers first and miners second......and that has to be flipped around one way or the other.
There is no question in my mind that there is a reasonable chance (25%?) for IMG to be taken over by Rand, B2Gold or possibly two or three others that might fit well.