Miracle still paying about $1M per quarter to maintain Robe Mesa...

Miracle still paying about $1M per quarter to maintain Robe Mesa with a myriad of extensions and now have conceded for CZR to look for new bidders while extending sunset date and being made to wait further for approval. This clearly reeks of desperation on the part of Miracle Iron, and Rio will most likely bid up above $102M, now that the reference point by Miracle has been set for Robe, the bid value for Robe can only go above $150M for any prospective offers going forward. Management is doing a great job, $102M anchoring effect is set deep, only way from here is up even in the highly unlikely situation that FIRB rejects this proposal. Now, we should hope that FIRB continues to delay. Like I mentioned a few weeks ago, RIO will be on the phone with FIRB/treasury, and now that Miracle has agreed to open up prospective new buyers, it is exactly what RIO, or other hopeful bidders would want.

This is no loss for Miracle if the deal falls through, as I would expect them to be compensated monetarily somewhat for the time and effort. I have seen this on the ASX with another miner who had a two-party bidding war for an asset in Sierra Leone. If FIRB approves and another bidder steps up at the same time, Miracle would be legally entitled for compensation. If a new local bidder offers $150M, Miracle could get 10% of that plus the money it spent to maintain Robe for the past year. A win-win situation for everybody.