There are 12 bidders (8 Chinese, 4 Western). Trans is only the first (western) bidder to play their hand. The real player here is Chifeng Gold from China who are also a substantial holder in MTC.
Chifeng's last acquisition was the Wassa mine (Ghana) in 2021 for $470m USD cash (3.8moz @ 3.8g/t inferred).
The Chinese don't bother with contingencies, they typically structure deals as a lump sump. I'm expecting Chifeng to come in here and bid around $70m USD as a lump sump payment. It might be higher if other bidders are keen on competing.
The main point here is the bidding process is being handled by Minmetals Securities, which is a subsidiary of China Minmetals, the second largest company in China and 58th in the world. Their 2022 revenue was $131.8bn USD. They have an immense network of connections globally. The arrangement is that they receive 5% of the total agreed sale price and I'm sure they'll work the bidders to achieve a higher price.
MTC Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)