Too risky for any of the big TiO2 players to move on SVM imo. No...

Too risky for any of the big TiO2 players to move on SVM imo. No point a major paying up early just to get pregnant and become a big fat target for possible Malawi greed. Best to let the junior scrape through the DFS and permitting on the smell of an oily rag and goodwill of the government that knows it cannot get blood out of a stone. Then when the whole project is de-risked and shareholders desperate from years of CR's and falling share price are willing to accept and modest takeover offer to get out of jail... It's a brutal business, especially in mineral sands I have found. If it was a different and demonstrably better deposit (eg TiO2 only but world class margins and size) then maybe a big boy would move early before the market repriced it too high or a competitor moved first?

IMHO, dyor