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.
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The Sumitomo transaction for a 70% stake in Mt Forrest for $115...
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4.2¢ |
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Mkt cap ! $96.29M |
Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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No. | Vol. | Price($) |
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1 | 1000000 | 0.004 |
2 | 2412300 | 0.003 |
1 | 333888 | 0.002 |
1 | 1000000 | 0.001 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
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0.005 | 1776546 | 4 |
0.010 | 200000 | 1 |
0.016 | 24332 | 1 |
0.021 | 50000 | 1 |
0.000 | 0 | 0 |
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