cash & listed shares of 68c + in-situ $12.5b, page-12

The Indian/Chinese/US/Korean/Australian who will put a non-biding offer for MTE's Bundi project, is better off taking over MLM, because,

You can indirectly buy 80m shares of MTE (45% of the total capital) for ONLY $66m, which is 14% discount at current market price of MTE, and will get the following for FREE:

1. Cash at hand $7.5m,
2. Other Listed shares (ORM+PMQ+CBX) $11m
3. Own project - In situ Ni 399,534t and 41,990 Co metal, total in ground value over $10b.

They effectively only pay $58.5m for 80m MTE shares and get $11m listed shares and $10b project for free.

They could just fire sell $10b project, then no further cash outflow for the company.