RE:cost of buying MXI for IMGThey have to do the debt settlement for shares yet and we don't know what price that will be. However, using 20% is as good as anything for the purpose of your calculations.
You're right netgenx, to buy out the JV it's only going to cost them 80% of 50% of the value of the JV. I haven't looked at the numbers for awhile but to buy out MXI at .50, $68 million net cost to them sounds about right.
After these last numbers coming in for Diakha, I'm starting to think that .50 might be a bit cheap. If they can manage to extend the northern permit boundary (there is room there to do it), then we could be looking at a fair bit more than .50/share.
I think the Board at IMG have no idea what their next move should be on anything except cut cut costs and capex. That's the sense I get from the narratives on the Q2 report. This is exactly the right time to make a run for MXI because the price will start going up again once drilling on Karita starts after the rainy season but I'm not so sure they are looking to commit any cash at all to any project no matter how good it might be.