Do you think I do not understand these facts? They are a large part of the reason of why I am invested here.
I am saying that despite all of the cards LPI hold, Codelco still have a strong hand, they may even have a stronger hand, or the strongest hand.
A Four-of-a-Kind can be beaten by a Straight Flush, which can be beaten by a Royal Flush.
If LPI had a Royal Flush, they would have signed a deal and been in production by now.
The fact is they aren't in production. Nor have they formalised any funding. It may be agreed in principle, but that is not necessarily binding, nor is the money in their account. Things change, perhaps the funding parties may get cold feet and change their mind. Who knows?
Another fact is the board of LPI could have rejected Codelco's request for DD and just asked Codelco to make an offer. There is a heap of information already available in the market by way of announcements.
SLR wanted to make a conditional offer on St Barbara's Leonora Assets, but SLR wanted to do it on the condition of being able to conduct DD.
The board of St Barbara said no.
Why didn't LPI do that? Because LPI probably don't have a Royal Flush, OR they are tired OR they know the government will continue to act in bad faith OR any of the other 1 million reasons they may want to sell.
I agree, we are entering the 12th round, but I don't think LPI will walk away with the title.
I think Codelco have waged a 6 year war of attrition, and they feel now is the time to cut a deal and try to take control.
The frustration from the board in the video after Boric made the announcement was palpable. Their frustration was more than apparent, they knew it had set them back months, if not years.
I get the largest holder may want more and choose not to entertain an offer, but they may also want to just cash in and enjoy their millions. Things change for people, you never know.
Anyways, let's see what happens.
I don't care about bragging rights, I care about making money.
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