hypothetical question, page-2

Hi Lagunabay, in order to answer this question we need to ask the question why the Chinese state sponsored bid fronted by Hanlong fizzled at the last minute and IN NO TIME, Sundance issued international tenders to participants around the world.

I would be happy to take a bid in the absence of a superior bid that roughly reflected by this formula.

(China-Only Bid @ 57c) X (50% DSO upgrade & massive itabirate upgrade FACTOR) X (Key project DE-RISK mile stones - Cameroon & Congo permit convention) X (China exclusivity null & void FACTOR) X (Regional Consolidation FACTOR) X (competitive premium to decisively win FACTOR).

Then compare this number to recent IO valuations/ transactions/sale campaign/reported bids or counterbids (Tonkolili, Simandou, Jimblebar, IOC, Wologisi).

If they are comparable, it's a good start !