And PDN downramping the latest resource estimates - interesting to try and second guess PDN's tactics and thoughts as well in all of this.
There is a significant expense in time and financial resource to put together a bid with all the bits and pieces that go into it. I can only assume that they expected it to be taken seriously and have a reasonable chance of success to go to the trouble of making it in the first place else why make it ?
Perhaps - if the three mines policy is not immediately released it will allow them to pick SMM up afterwards.
Picture this scenario - PDN put in the offer - perhaps on the cheap but knowing well that the result of the ALP conference will be to leave it to states to determine whether to relax the 3 mines policy. It is unlikely this would occur immediately in Queensland and a period of posturing and politiking would ensure - PDN subsequently extend the deadline for acceptance knowing that eventually it will be reversed but not immediately. It could all be part of a longer term PDN strategy. If the policy were to remain initially and the deadline be extended then surely it would greatly increase the likelihood that the offer would be successful.
SMM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
