Because the bidder would know that as soon as they lodge the bid...

Because the bidder would know that as soon as they lodge the bid there will be a counter-bid from one the people Who REX has been collaborating with in the JV. They have several suitors with a very clear idea with what it's worth and how it will fit with their organization they probably for a plan for themselves which may or may not be after production and before Stage 2. It's pretty clear no one wants to be in a bidding war and I have other Cu assets that BHP & NCM have effectively announced Dentente on.

That's why a bid has not come as yet.

One example CHN Chalice who has been touted as a possible JV partner came out with an Upgraded resource and reserves this week. There's a fair chance that RXM had been talking to them and have not announced the JV allowing for that.

BTW just because S* head or whoever says Forrest's bid for Mincor will fire the starting gun on others doesn't mean it will happen. There are very special conditions in the Ni market specifically feed for the Kal Ni smelter that matters there. My position on that is In iGO and my expectation is for IGO to produce the Precursor's Mixed sulfide materials and battery materials along with Twiggy and a battery plant.

You can read my recent posts there on the topic if you wish. Pre S* Head if you don't mind. I'd run the ruler over a position Mincor myself. I'd dearly love to see IGO as RXM 's JV partner.

All IMVHO
PS I could be wrong if so I have alternatives (multiple routes to goal) and will deal with it.