finale : prediction & analysis, page-23

I dare not play clever, but
just add to Matt's comment, with my humble 'speculations'.

The Chinese government (or NRDC) was and is still inexperienced in running international mines, let alone taking on the SDL with unprecedented complication. Dealing with international business, not just for running mining companies, the SOEs or NDRC alike, are very premature.

Because of inexpericed, the government lacks confidenece, and can become over-cautious from time to time, given lots of failiures of managing foreign assests. It is very hard for SOEs to know and trust the real value of SDL, given the risks involved. If there is no competition, NDRC might think it is a trap - why others don't want it. Therefore,a compitition makes the government more confident of the real value of SDL. Hanlong proposed TO without competition, this would inevitablly raise suspecion for the approaing authority.