tsang breaks his silence, page-5

The Sumitomo transaction for a 70% stake in Mt Forrest for $115 million values Mindax's remainder stake at around $50 million or 26c per share if my maths is correct. This is low but on the upside, Sumitomo would finance up to 90% of the DSO operation meaning Mindax would only have to raise a small amount. Sumitomo would also stump up 70% of the costs of the magnetite project which would be in the orders of billions of dollars. I guess I can see Tsang's point and im sure he paid more than 26c per share for his stake on average. However, they have been exploring for a number of years and in that time, the only interested parties have been neighbouring Jupiter Mines who have a stake, Tsang who has a large stake and LAP exploration who also have a stake. No one has come forward as a JV partner or Mindax would be further advanced by now. If there were other parties, they have had plenty of time to come forward imo.