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Everyone knows BHP want this asset (as do others) In fact, for the likes of BHP, they must have assets of this size in order to ensure their long term future. So, how do they play this?
Their current holding was an opportunistic purchase on the basis it became unexpectedly available. It is of little use to them as it stands as it gives them no influence and does not achieve what they need.
Therefore, how and when do they go about buying the company?
Buying in the open market will be difficult and it's difficult to see which of the larger holders would be prepared to do an off-market deal with them; why would they? An approach from BHP would signal their intentions and as the incumbent holder you'd simply say "thanks, but no thanks" and then buy more yourself.(you'd definitely not agree to be made an Insider)
They could approach the company in an attempt to reach a recommended value. This would be the sensible approach, but I'm sure NM would demand a very high valuation. If BHP thought his demands were too high, they can make an open offer to all shareholders in the form of a hostile bid. Their gamble would be that they could buy cheaper than NM's valuation.
Hostile bids are fraught with difficulties, not least of which is the cost involved. One of the key reasons companies rarely go hostile is that they cannot do detailed dd. However, in this instance, there's not much dd to do, so it makes things easier.
So, let's assume NM tells them to go away and come back with a sensible price and let's assume that instead they fancy chancing their arm in the open market; when do they strike? Pre-MRE2? Pre- PEA, or post either events? In my opinion, and given the absence of dd, they will have to wait until after the PEA. This will reduce the risk.
And bear in mind, once they've made a bid and if they fail, they won't be able to bid again for 12 months (unless someone else bids.) This makes life very difficult for them as in the intervening period another trade investor could come along and take a stake in the company that would lock BHP out for good.
From an M&A point of view, the situation I'm describing puts us in one of the strongest positions it's possible to be in and I have absolutely no doubt NM will exploit it to it's absolute maximum.

Hi Kluck, so do I - although I did revise it down to £3!
Once the financing issue is dealt with, the sp will begin to reflect the true value of what the company has, but in the meantime and until the details are released, a great deal of uncertainty still exists. As soon as it's out of the way, I'll be back in.

article on Bloomberg today about the lithium market following an interview with the vice chairman of Ganfeng (it's not the same article as appeared yesterday)
To paraphrase; he expects continued commodity price weakness into the middle of next year, but is very bullish about the longer term outlook - unsurprisingly. He also makes reference to the difficulty new entrants will have in terms of producing battery grade product, which of course, BCN has done for over two years now.

you believe in this story, sit tight and don't look at your screen every 5 minutes, things will turn around.
If not, sell.
It's simple really.

Good trading, although returns rate has risen. Placing inevitable and good news for the longer term.

"I looked at both companies". I suggest you look a bit harder.

The idea of comparing ECR with SOLG is utterly risible.

This statement also very clearly indicates that the company is looking at project finance as well as the corporate element. This should be very good news as it implies a much lower level of dilution than would be required if it were only corporate funding. It also appears crystal clear that a trade investor will be involved. Makes you wonder why they didn't take this approach in the first place.

This is a very interesting video and, in my opinion, a "must watch". Some really useful thoughts and very applicable to the situation here.

Good to see a positive upgrade at Zinnwald, but the key part of this RNS was the paragraph on funding. "Advanced discussions".
Many companies make this claim and nothing materialises. However, BCN has a good track record in this respect and, with the exception of the failed placing, has delivered.
Having said that, I'll be sitting on my hands until I see the details of the funding.
Mullins, thanks for posting the Rick Rule interview; I think it's a must watch video and it contains many really useful views.

You have all made one major omission...that bloke Williams. He was rude, aggressive and consistently wrong. Eventually he was banned; but no doubt he's still dreaming of the 50 Squid share.
As for Spikey, all of his WRN posts have been removed. I think he was threatened and decided discretion was the better part of valour.

So, a minor delay (I think), but for once, for very good and positive reasons.
The key question is: What is the definition of "significant"?
As schlemiel says, this is seriously exciting...regardless of BHP's interest...which is like a vast dollop of icing on a very tasty cake.

What were you previously? A bit bored?

schlemiel, I think you'll find the symptoms you describe are merely a sign of age.

Strangerstill, I don't think is relevant as the company isn't in a offer period. If you're suggesting Hanwa may be affected, bear in mind they only have 9.2% of the shares...and perhaps this explains why they kept below the the 10% level which was originally announced?

This is simply a case of "No News Syndrome". It affects private investors horribly and it's symptoms include a feeling of irrational panic, cold sweating and a dramatic decline in wealth.

mr.james, we were already aware that both the accounts and corporate update were due this month.
theiceberg, I think the point of this was to get to a definitive position on the relative shareholdings; therefore it seems unlikely that the COE beneficiaries will have any more tucked away. By the way, I think their move was an entirely sensible one. These shares quite probably represented a substantial part of their father's estate and I'm absolutely sure they were advised to de-risk; and this strikes me as being entirely prudent.
And whilst we're on the subject of COE, I note Secker still refuses to update shareholders on the legal action.

The only reason I can see for this RNS, or perhaps the main reason, is to clarify the COE Estate holding. It has reduced dramatically but the company has not been informed.I'd have thought the Estate had an obligation to inform? Mind you, I guess relationships between the two parties are hardly fraternal.

Interesting. When I looked into Hallgarten it appeared to me that they are a small research outfit and their portfolio is a 'model' one i.e not real. Is this your understanding?
It's also interesting that they've covered their short, presumably as a hedge, but haven't closed it.
I saw someone suggesting on the KDNC board that there's a rumour of news next week. I don't know if this is simply the quarterly update or something else. Hopefully, it will be news about funding. If it's news about a takeover at £3, I'll be kicking my own arse from here to Mexico...and no doubt I'll get a bit of ribbing on here, as well.

which may well be the case; but BHP won't allow it.
They have no wish to see the emergence of such an enormous competitor. They'll wade-in way before we get serious about mining ourselves. And NM (and the rest of us) can ride off into the sunset with hundreds of millions of pounds in his wallet.