MMX murchison metals ltd

If Mitsubishi pays $300m to MMX for its 50% share in both OPR...

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    If Mitsubishi pays $300m to MMX for its 50% share in both OPR and Crosslands.

    Then MMX would be worth 71c per share (just Crosslands and OPR) + Weld Range + Rocklea + cash on hand

    So possibly close to 80c.

    But if Mitsubishi offers $400m to MMX for its 50% stake, then that would translate to 90c per share.

    It makes sense for Mitsubishi to buy MMX's stake in both projects to remove the uncertainty, due to the lack of ability of MMX (esp. financially). I suspect Mitsubishi will keep 100% of Crosslands and onsell a stake in OPR to the Chinese (possibly 50%).

    This simplifies the corporate ownership structure of OPR a lot and removes uncertainty.

    MMX may head over 90c.
 
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