RE: Change of Opinion13 Jun 2018 11:36
All we can go on is what we, currently, know with respect to any JV structure change:
Someone, somewhere, at some point has to buy at least 20% of our JV from us, probably by Q2 2019 at the very latest
The longer we go without anything like that happening, the more pressure on those doing the bidding to get it done because of:
A/ MOD can't go to production with us owning > 10%
B/ Copper is HOT right now and will become hotter in 2019
The longer this goes on without some kind of deal being done, the more expensive it's going to get with respect to that JV structure change - nothing's guaranteed there but all macro indicators are pointing the right way right now and for the next five years+.
I think MTR are in an extraordinarily striong position right now but I expect that position to become stronger as time goes by for the above reasons.
If MM's phone hasn't been ringing off the hook these past weeks/months I'd be amazed.