"HAV is disappointed with the tentative offer of $150m and says to Wanbao 'you've got 30 days in which to make a serious offer'"
Some may disagree, but Kalkaroo is one of the few significant copper-gold deposits available in a low sovereign risk mining jurisdiction that is close to existing infrastructure.
In addition, the deposit includes a substantial amount of cobalt.
Clearly, Wanbao is still interested. Otherwise it would have broken off discussions completely during the week.
Wanbao also wants a presence in Australia (a third country platform). Remember, it was Wanbao that approached Havilah.
I suspect Wanbao really wants a bargain.
As I have said before, while a seller (Havilah) will always prefer that a purchase price be paid as a lump sum, applying an element of deferred consideration can be considered as a way to balance interests of the sellers and buyers (Wanbao), particularly where there has been such a significant upgrade in the resource (and while the cobalt resource is sitting in
inferred).
Approximately X% of the purchase price could be placed in an escrow account, to cover this deferred consideration, to be settled on the updated JORC milestone being reached.
Cheers
These are only my random thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.
HAV fanboy: still drinking the Kool-Aid 