pre open, page-21

'Regarding china impossible for them to take 51% OF GBG.CAN NOT BELIEVE THE IGNORANCE OF SOME POSTERS'

You're kidding right?

They just need FIRB approval... Do you have any clue of the history of the Midwest? Karara by no means is of significant importance to Australia, ie BHP or RIO etc, nor an energy company...

MIS - Midwest Corporation was bought out by its Partner, Sinosteel for around $1.2 billion at the company level....Sino = Chinese... In fact they are the dominant player, they are larger than Ansteel.

MMX - Bought out by the Japanese at an asset level, not the entire company. Bought Jack Hills and Oakjee (remaining 50% stake held by MMX) for about 325-350m, cant remember exact figure.

MGX - Sold there magnetite mine (Extension Hill) to the Chinese - Asia Iron.

Who is the last remaining major player in the Midwest? Oh thats right GBG.. All the other major mines were bought out by Chinese or Japanese....

Why would Ansteel want to take 100% ownership of GBG? Full CONTROL. Or it could just be after Karara and buyout GBG's 50% share. But I think something like this could happen. Especially now given its below book value.

Same thing happened with CNA - Coal and Allied.

Ill quote:
"CAN NOT BELIEVE THE IGNORANCE OF SOME POSTERS'"