shocking!!, page-67

Wenchao, the problem with the Chinese (I mean PRC) is that they don't understand, accept and respect free market forces.

Just look at the NDRC throwing a tantrum IO spot price goes up everytime the Chinese start buying as much as can be dugged up.

They wanted a no-shop-no-talk bind-and-gag arrangement with Sundance (knowing they are trying to acquire a tremendously valuable asset of long-term strategic value) and hope nobody would take a sniff (especially with the critical permits being delayed until the last minute after the FIRB approval).

They learn that others (who value the West African IO province as the Chinese do privately) may put in an alternative bid (as free market would have it for a sought after prize) and they are ANGRY. They are angry because they thought other potential suitors would really believe Sundance is a bastard child and is worth sheet because the PRC managed to low-ball the offer to 45c.

They continue to buy time (repeatedly witholding the critical CDB term sheet despite repeatedly extending the NDRC approval) until they realize they have NO CHOICE but to deal with the counters head on. HanLong (state wolf in private clothing) is not equipped for this purpose.

So that bring in the CISA big boys and tell Sundance that Hanlong is UNLIKELY - LOL ! meet any further conditions - caouse gangster Liu can't be found.

For China to pull this very damaging stunt, the stakes must be very high (indeed a resource that the Chinese have been saying for the last 2 years that will give them a SAY IN IRON ORE PRICING).

They treat the Africans with contempt who IMO have already bent over forward with the deferred release of the mining permits.

2 years wasted and they still play games simply because they earlier BOXED themselves into the corner with a 45c resonable BS price that they now regret.