Massive risk. Dingyi are like a patient wolf. Do you honestly...

Massive risk. Dingyi are like a patient wolf. Do you honestly think they are going to come in and make a massive offer now? Why should they?

To meet the mining license obligations, ELM will be required to commence spending significant capital towards the end of the year to develop the mine otherwise they could lose the license. The ROC government don't want anymore delays, they want this project up and running so they can collect royalties.

ELM have been unable to find a strategic partner to date. If this continues, the only way ELM can meet the license obligations will be via massive dilution through capital raising/s which equates to lower prices most likely. Dingyi know this and can just wait in the wings with their 20% stake for ELM to blow up and then scoop it up for under 10 cents or less.

Dingyi are in a great position now. They have much more than a 10% blocking stake. They can launch a takeover offer if a threat comes from another party (which is now unlikely as they will be scared off by the significant Chinese stake) or just wait. If I was them I would do the latter.