I still call Australia my M&A home. We attended the RIU Explorers conference in Fremantle last week. The key focus was on growth through M&A, echoing the tone that it is cheaper to buy resources rather than explore for them yourself. We think there's going to be a ramp up in the climate of competitive M&A over coming months, particularly for assets domiciled in Australia which have seen labour and services costs fall. This coupled with a currency tail wind for near term production assets should result in increased interest in mid-cap resource companies. As usual, investors have yet to catch up with the corporates who see value in these assets and in time that trend is likely to change, as it has in previous cycles. Visit the Morgans Blog for two deals in the sector that we think could happen: (VIEW LINK) @morgans