AGO as TO target, page-15

IOP should have a massive year in 2018 IMHO, only issue is the smog in India and the P.R.C. A TO bid for AGO would be opportunistic and unlikely IMHO to even be supported as it would be Lowball.

Only BHP/BLT and RIO would be interested imho due to the debt levels and the geopolitical risk of the McGowan regime in WA.

FMG may need to move to higher grade Fe ore especially after the global news of Sri Lankan cricketers in gas masks and facemasks puking in the Delhi smog? The Indian Premier League May need to move locations from Indian cities to international ones to accommodate Western cricketers wish to play cricket in low smog locations.

President Xi has to do something about smog levels in Beijing that could cripple P.R.C. Growth this year and have more impact than North Korean P.R.C. Sanction busting and the ascendency of President Trump’s Administration and the US economy IMHO but pls DYODD.