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What do I think ? There is no benefit whatsoever for China to stall.

My conjecture is that we will hear something tangible (perhaps a trading halt event) as early as July of a Chinese proposal. If there are competition, IMO they are more likely to only surface subsequently.

Think the Chinese (whose objective is to takeover SDL in entirety) may initially float a BS JV proposal (giving it plenty of flexibility to counter) and see what alternative proposals may be.

Perhaps the Cameroon government can tell you what 10% of GDP means to their people. You tell Biya that China wants to milk SDL again despite the NDRC already got their resonable price and already moved onto the next condition.

So you say another 12 months on top of 19 months already wasted. (Yep, the Chinese will takeover SDL eventually as the $5 billion of Capex is no problems, we just want to waste another 12 months to knock down the acquisition price of $1.4B - the entire amount at 45c a pop is around the same as 10MT of seaborne ore - great logic).

If China really could sit back and watch paint dry (just to milk Sundance shareholders AGAIN), the NDRC didn't have to lay down those 5 conditions and URGE the Wisco and Heibei of this world to step up.

All it had to do was let the CDB term sheet lapse without any indication whatsover (let alone since December via the central government mouthpiece - the People's Daily's Global Times) of any further Chinese involvement in any shape or form.

We shall see.