RF Has Not Started a Bidding Process Not So Brave,
Not sure what you mean. Zijin, CITIC, and RF are all IVN shareholders. Zijin also has an equal 39.6% stake of the K-K project. But we're talking Platreef here. The Chinese state miners together hold more than 40% of IVN's outstanding shares. Nothing can happen without their express approval.
Chinese mining companies don't sell off large scale projects for a quick buck. They buy and hold. So, selling to a Western miner is off the table. But a spinoff is still possible. I kind of like Cash Tango's idea where a third party finances building a 4 Mtpa mine in exchange for an equity stake in the Platreef spinoff. And who would be the developer? Why not Zijin and/or CITIC? Or even another Chinese major.
This would work for everyone. Retail shareholders unlock value now, instead of waiting till 2025 or 26, but which time IVN could be under Chinese state majority control. By then, Platreef would accrue to them by default. By doing the spinoff, the Company doesn't unlock all the value, but it does unlock way more value than the present trajectory.