glencore "very interested", page-37

Hotazel, I think the whole thing is coming to a head after months of mexican standoff.

The Glencore option sounds credible (too early to draw any conclusions about the shape or form of the bid). It's definitely a leak by SDL IMO.

China can't wait indefinitely because SDL may just pull the rug under HanLong's feet on the failure to produce the CDB term sheet. China has also squandered much political goodwill with the Africans due to the Chinese insider trading scam/crime, stalling is the last thing it needs to do. The stalling game is over IMO.

China may have really miscalculated the degree of real interest by MULTIPLE entities. They thought it was really a China only deal (before the permits were granted and hoped that things would stay that way).

Having said that, we can't rule out another Plan B. Multiple interested parties had been flagged before. The Indians can't be ruled out. They are shutting down domestic production (and/or preserving their own long term resource) and are opting to importing.

The Africans would welcome the involvement of India (a democratoc soverign state) and the non-issue of funding that's goes with it if NMDC is tasked to lead the charge. Who knows, maybe Arcellor Mittal may be a JV partner (West Africa is so close to Europe as well).