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"So do you think that the Chinese groups with their technical experts all got it wrong?"

And who are these Chinese groups with their technical experts?

OW are predominantly a property developer, part owner of Minsheng Bank, who have diversified a bit into minerals. Why would they have any experts on copper mining in Oz?

NAAIL? Who are they? A Hong Kong investment company. Why would they have any expertise?

Sinosteel? At least they'll have some engineers, and possibly some iron smelting knowledge, but again, they are predominantly machinery manufacturers.

The three who took up the underwriter's shares? One works for OW. He and one of the others worked for the same coal company. What makes them experts in the geology of Rocklands?

What, basically, makes you think that these people have so much knowledge that they are better able to judge whether a copper prospect in Queensland is viable, when, as you are happy to point out to us frequently, Xstrata, Altona, Summit etc are backing out of the same area CDU are in, and these guys know far more about what a resource needs to look like in the area to be profitable?

So yes, I'm sure that the Chinese could be wrong. Again, I point you in the direction of Sinopec, who are experts in their field, who spent and lost $600m on AED, and did so AFTER the problems arose. How smart was that? How did their experts get it so wrong?

roh, the point about return is that they don't need to make a return on the share value through dividends. They can get it through the offtake agreement. Sure, we don't know that NAAIL, OW and Sinosteel are linked in any way, but we do know that at least two of the three "private" investors are linked to OW. And that OW have influence with Minsheng, if the loan ever becomes reality. And if it doesn't, they'll need more capital from another source which, with the Chinese now owning over 40% collectively even if not incestuously, means IMO it'll have to come from the Chinese, 'cos nobody else will touch it. Sorry, but that's the reality.