The latest reports indicate that Swiss-based Xstrata has agreed to pay $1.76 for MIM shares with a deal expected to be announced in a matter of days.
UBS Warburg analyst Shaun Giacomo told Melbourne news outlets that MIM had been a wonderful stock to own.
"If there is no takeover bid, and if you consider where we are in the metal price cycle, then MIM shouldn't be trading at any more than $1.30."
A report from Brisbane last week said Xstrata boss Mick Davis had flown to Australia a few days ago to wrap up the deal.
MIM called a trading halt on Monday, April 7, pending an announcement regarding discussions with Xstrata.