And PDN downramping the latest resource estimates - interesting...

And PDN downramping the latest resource estimates - interesting to try and second guess PDN's tactics and thoughts as well in all of this.

There is a significant expense in time and financial resource to put together a bid with all the bits and pieces that go into it. I can only assume that they expected it to be taken seriously and have a reasonable chance of success to go to the trouble of making it in the first place else why make it ?

Perhaps - if the three mines policy is not immediately released it will allow them to pick SMM up afterwards.

Picture this scenario - PDN put in the offer - perhaps on the cheap but knowing well that the result of the ALP conference will be to leave it to states to determine whether to relax the 3 mines policy. It is unlikely this would occur immediately in Queensland and a period of posturing and politiking would ensure - PDN subsequently extend the deadline for acceptance knowing that eventually it will be reversed but not immediately. It could all be part of a longer term PDN strategy. If the policy were to remain initially and the deadline be extended then surely it would greatly increase the likelihood that the offer would be successful.