Zijin won't go hostile, else they would've already made a TO offer. My view on the strategic partnership with Zijin, is that it was only thing that XAM would allow given XAM was, and continues to be cheap.
Clearly XAM thought 12, and throwing a cherry o n the top for TO premium was not enough, else it eould alrady have happened.
I reckon XAM are going to pull a rabbut out of the hat with this one, what it is anyone's guess though.
Ann: Proposed issue of securities - XAM, page-33
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