We will be seeing less of the super tier 1 takeouts that ended with Newmont’s takeover of Normandy, more of the Kinross-TVX-Echo Bay, Iamgold-Repadre, Wheaton River-Alumbrera-Peak consolidations to produce new tier 2s & the odd tier one.

The majors with their weaker paper will have to stick to organic growth under pressure supported by their greater liquidity & significant leverage especially for the unhedged.