Creasy to ‘slow down a bit’
Legendary prospector Mark Creasy says it might be time to “slow down a bit” after Independence Group closes its bid for Sirius Resources, but says he has no plans to retire permanently from the business that made his fame and fortune.
Speaking for the first time since Independence Group launched its $1.8 billion bid for Sirius last week, Mr Creasy said today’s depressed commodity markets was the best time to get out and do things.
“Right now there are good deals all over the place. Now is the time to do things, now is the time to go and buy things,” he said.
“This is the sixth market collapse I’ve been in personally, and it’s always the time to do business, it’s always the time to get moving.”
But, while the veteran prospector said he would only be permanently retiring “when I’m pushing up daisies”, he said it may be time to wind back his involvement after 47 years.
“I want to slow down a bit. This is my business, and I haven’t had a holiday since 1968,” he said.
“Instead of doing a seven day week — you’re going to get your handkerchief out on this one — but I’ve got other things to do in life other than prospecting,” he said.
Ahead of the friendly tie-up, speculation was rife that Sirius had several suitors looking at its Nova nickel mine.
But Mr Creasy played down any suggestion a rival might be able to top Independence Group’s cash-and-scrip offer for Sirius.
He said Independence Group had approached him last Christmas to explore a possible merger, and said the early offer of scrip in the merged company was a major factor in his decision to accept the bid.
“They’re going to have a problem if they want to jump over the top of IGO.
“One of the attractions of the merger is that we’re not selling 100 per cent,” he said.
“If you take the long-term price of nickel — and take out the extraordinarily low price we have at the moment — and when you look at the sort of profit figures you’re going to get out of Nova-Bollinger, I think we’re going to make a lot of dough in three to four years hence.”
Sirius shareholders will emerge with about 53 per cent of the combined group, with Independence Group offering 0.66 of its shares for each Sirius share on issue, plus 52¢ cash.
Mr Creasy, who controls 34.6 per cent of Sirius and will emerge with an 18.6 per cent stake in the combined group, said he had no interest in a cash-only offer for his Sirius stock.
“So if I get X million dollars and put in in the bank, what am I going to get? So why would you get rid of a good asset in exchange for a bit of bloody fiat money,” he said.
Mr Creasy also said he had long admired Independence Group’s approach to exploration and mining, having known founder Chris Bonwick in his early days as a geologist at Western Mining Corporation.
“The IGO board is dominated by mining engineers and geologists. They are industry experts. IGO has always had lots of clever people in charge,” he said.
