Phase 5 is the key - but this is so far down the track as things stand today that it has little bearing on the present UMC SP I would suggest. When/if the UMC/NH situation gets to and past Phase 3 do you really think Bauxite Australia will have been floated as a stand alone company - it must be a certainty - if they ever get to that stage - which is a very big ask. UMC is an iron ore play as things stand - and an exception one at that.
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