Hopefully we've now reached the "reserve price" of the Board.
The M&A metric for undeveloped HCC has ranged from $2 to >$6/t of reserves. This revised bid still puts it at 50% of discount to lower end. I suspect that's the reason no fair value or recent sale comparisons have been disclosed in the bidder statement.
Chinese appear to have work out how to get local miners to cut off their nose to spite the face.
next bid, page-9
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