outokumpu project ramp up, page-50

Snookerque, your posting regarding the revealing of any valuation price is slightly ambiguous, and may not be correct.

Any information obtained by a company that is material to the share price, is obliged to be revealed to the shareholders and of course the market in general. Any valuation falls within this description.

I would imagine that the instructions to the valuer are to value Roseby target by target, so that 51% of the relevant targets in the 'Roseby Option' deal can be determined. this also then implies a value for 100% of all Roseby targets.

Once that value is determined, the only party who can accept or reject is XStrata. Altona is obliged to accept the price for 51%, but not obliged to accept the price for 100%.

So there are three possibilities
1) XStrata accepts the price for 51%, and Altona accepts the price for 100%. i.e. total acceptance. Deal goes ahead.

2) XStrata rejects price for 51% and therefore there is no deal on 100%. The whole deal falls through.

3) XStrata accepts the 51% offer, but no agreement is reached on 100%. then it could go to either rejection, or joint venture. Only XStrata can decide.

But on my information, as I said before, is that any information relevant to the share price is obliged to be revealed to the public. Now if the deal falls through with XStrata, then other interested parties know that the failed value didn't work. The price was too low. Therefore if they want Roseby they will need to improve it. So the supplied valuation only provides a base level.