"China's Ministry of Commerce is said to have valued Mbalam at...

"China's Ministry of Commerce is said to have valued Mbalam at $15b [yes- $15b], casting doubt on representations made that a price renegotiation came from NDRC conditions. "

"It is believed that Wuhan Steel also had an interest in SDL before Hanlong bought its original stake at 44c from the estate of Ken Talbot. "

Some very telling quotes there.
That probably explains why the share was trading at a premium before Hanlong bought their stake.

I say bring back Wuhan Steel (or any other steel mill) to the table and negotiate a JV.