Initially, I thought Chris Ellison would be looking to offload all MIN's non-core assets like his 19.9% stake in WC8 due to mounting business pressures (debt being a big risk). Now, I'm not so sure following confirmation of the sale of Exploration Permits (EP) 368 and 426 to Hancock Prospecting Pty Ltd for $780m. There's also a possible price adjustment - but that's not important here.
What is important is that MIN has now restocked the cash pile to go out and make a play(s) for other assets, with Tabba Tabba being the pick of the undeveloped assets that could/ would complement the MIN asset book. That pile of cash has now been received by MIN so we could see a flurry of activity at any time now.
Roughly $780m to throw at 80% of WC8 would be in the right ballpark for a successful takeover offer.
Just sayin'!!!
WC8 Price at posting:
20.5¢ Sentiment: None Disclosure: Held
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