Please enlighten me.

I see no positive reason, from a shareholders perspective, to be absorbed by the local 800 lb. gorilla. Their share price has gone nowhere during the past 10 years during the largest gold bull market since the late 70s. I haven't been following their dividend history, but have heard it's not that good.

Their management is very wealthy and does a good job of buying companies owned by their buddies, thereby spreading the wealth but not to shareholders. Yes, they can operate at a profit, mostly due to the dumb luck of finding real paydirt at depth while working a so-so mine.