I'm not so excited about this deal.
in 2014, they sold 25% of LH for US$190M and were roundly criticised for giving it away cheaply. This time they have brought in a M&A specialist to cut a better deal and they have sold 24% of LH for $175M. In both cases they also agreed to sell the proportion of production at spot, which is loss making at present.
I'm not criticising Alex. It's an impossible job to get a decent price for the sale of a mine right at the point where the commodity cycle for your product is capitulating. But we should recognise this for what it is. A desperation sale at a knock down price and the Chinese are laughing.
Cheers,
Tim.
So much for the "big news", page-13
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