If 2007 is going to be a year of mergers and acquisitions, be glad you have Ian Telfer onboard.
His name piqued my interest, as I was invested in Wheaton River Minerals some years ago.
He fought off some totally crappy bids from a couple of wretched big names, bringing nothing but debt to the table, trying to get their silver prospects on the cheap. Then he made a merger of equals with Goldcorp, one of the stronger gold outfits.
He did some near visionary stuff with silver wheaton, which was separated out, and bought the silver production from companies from whom it was a virtual by product of their other activities. They got a fixed price, didnt have to worry about marketing and selling their silver, and a cut of any future rise in price. It worked out for everyone, and silver wheaton got access to a whole lot more siver than they would otherwise have ( or something like that! ). This was back when silver was about $3.50/oz.
Goldcorp always used to brag that they kept back a large percentage of their production, as bullion. Telfer changed this thinking, saying if you really believe in a gold bull, you will get much much better leverage by having a good resource profile, which made a lot more sense.
He teams up with Endeavor mining capital, so financing should never be a problem.
Has it got ahead of itself? the market cap seems very large? can it motor from here?
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