RE:RE:RE:Sherperded...You are not being argumentative TT2. I welcome the insight and clarification. I completely agree with you that it eventually comes down to ROI.
I should have said Indexes rather than Institutional. Here's a quote from Jason in a recent National Post article where the seed was planted.
That has some industry watchers predicting a wave of combinations in 2019, as small single-asset companies and mid-tier producers vie to expand their access to capital, diversify their operational risks and gain greater visibility with investors.
“It’s not getting bigger for the sake of getting bigger,” said Jason Neal, chief executive of TMAC Resources Inc., which operates a mine and development properties in western Nunavut. “It’s getting bigger for the sake of getting relevant.” Neal said his own company, which produced 33,000 ounces of gold in the third quarter of 2018, isn’t yet big enough to be included on many indexes.
That’s a problem at a time when passive investment is on the rise, and equity financings are on the wane for mining companies, he said.
https://business.financialpost.com/commodities/mining/bigger-is-looking-better-for-gold-miners-in-wake-of-megamergers