Glencore, page-12

A chinese SOE looks more likely but I don't think it will be a T.O on get go.

Probably will be a mine level equity partner for McPhee Creek and Corunna Downs.

Ultimate aim perhaps is a T.O and combining with BCK to achieve the economy of scale for a seperate rail line.

Unless a hostile bid comes from a non-Chinese entity which would make things look very interesting.

I think an Indian mob like the NMDC (previously looked at Ridley back in the boom time days) can't be ruled out either.