"Maybe it's because EE is holding out.."

Is there any reason why EE cant view the fire sale of sc and reinvesting the proceeds in another fire-sale(meaning he buys cheap a project on sale) a sound strategy?

Generally speaking, now everything is cheap.

So he will sell cheap but he can buy his next project cheaply too(assuming he wants to use the money to invest in another mining co)

If he waits to sell at a higher price he will find the other assets he wants to buy have risen in price too.

An simple example to showcase this way of thinking is in a real estate crisis there is no use to wait to get a good price on your asset.You sell cheap but the next thing you buy is also cheap.

If you wait for the market to get back to life to sell, you get a better price but anything you want to buy with that money has become more expensive too.

So why wait for that better price?

Excuse my English.