The real reason for the delay....
and why this will close shortly. It didn't help that DRC put up resistance to the deal. When Zijin made the offer back in May - their private placement was based on the stock price at the time. With the DRC roadblock, Zijin - along with every other mining company - succumbed to the drop in copper prices and their share price plunged to the point where the private placement was being offered at a PREMIUM (instead of a discount)...which was a nonstarter to private investors since they could easily purchase the shares on the secondary market at the current price. Zijin could have dropped the price and increased the shares but that would have been dilutive and faced shareholder resistance. Lastly - they reduced their ask in the latest private placement from 10B Yuan to 9B Yuan. Now that DRC approved, and Zijin just posted the private placement at about a 13% discount to closing price for private investors (new placement is for 3.38 yuan per share with current price trading at 3.75 or so. Private investors will like the discount - and shareholders will likely approve under the new deal. With 10 days to go - its cutting close but it will be probably another extension with a December or January close.......