compare it with fmg gbg and sdl, page-79

Too many brokers involved in the last placement. They are like a bunch of thieves in a cell armed with shanks when the guard has said "Right, first one to dob in the others gets immunity" and they are falling over one another to get their 10c margin on the 85c ordinaries. I doubt anyone's touching their con notes, though, happy to fritter away their ords and keep their 7% coupon. At least till the share price goes up.

Interesting fact; saw a report where it was stated (right or wrong) that AXO's concentrate FOB on the docks n China was A$54. Compare that to GBG's BFS on dock in China cost of A$69.90 and you can maybe guage the different margins at work here.

Plus, the GBG/SDL merger has saddled GBG into a entity at 35% contribution when it brings the only workable, quantifiable asset to the entity and SDL brings 65% and no resource, no BFS, nthing more than a market cap wrought from Southern Cross Equities dead-cert claims to 100 brokers and a punting public slathering about the idea of 800 megatonnes of dirt worth Chilean US$125/t prices and translating that into $3 share prices right now. Good on George Jones, but if I were a SDL holder right now I'd reckon it was the best way of locking in the hype at the expense of GBG chumps.

Caveat emptor. I'll stick with the slow boat to China. :)