The last time the tom-toms were beating was in the months leading up to South32's mid-June move to take full control of Canada's Arizona Mining at a cost of US$1.3 billion - a whopping 50% premium to the market price.
This time the noise is around the $240 million Trilogy Metals, the Vancouver-based Alaskan specialist in which South32 acquired a 6% stake in December last year.
Its stake increased to 12.5% in April this year when it took up 40% of a $28.7 million placement by Trilogy at $1.16 a share.
Since the placement, Trilogy shares have bucked the general downturn in mining equities to march to $1.82.
Investment bank Cantor Fitzgerald was the lead underwriter and sole bookrunner to the April placement, and it is one of those beating the tom-toms on...