Just reading the announcements over and over again. DML has not...

Just reading the announcements over and over again.

DML has not been able to refinanced anything. They tried the placement and rights issue which failed.

Now they spend like a dozen pages of the 17 page announcement yapping on about Cathay Fortune's "conditional and non-binding" offer. What is to stop Cathay from talking to DML banks and just buy the banks and thump DML's head to the wall? Another way would be Cathay Fortune opens up another entity in say Singapore (where there are SWISS standard non-disclosure rules) and try to buy the debt.

If this Cathay Fortune bid gets dragged out like Hanlong and SDL (or even quarter to half the time) DML is going to be in some serious trouble.

Company says that "long term" cash costs can be brought down to $2 per lb. Well in this report its $4 per lb.

My question would be can DML go on long enough before things can get better or is there going to be a dilution anyway in the near term if this Cathay Fortune thing does not work out. Share price is 27c at the moment and any equity raising is going to see the share price smashed again.

Anyone who thinks Cathay has to buy out DML at the "right" price because their entry is $1+ is just delusional. Cathay is not going to buy the 82% remaining at your "right price" so they can save face. They are most likely wanting to get the remaining of the company for as least as possible. Also Cathay is a private company and there is a lot more BS with private Chinese companies than the State Owned ones.