take over target, page-21

Interesting thread to read so many different viewpoints on the subject.

I doubt anything will happen from a T/O perspective for at least another year or two. There are too many unknowns to warrant an early T/O. That is to our advantage.

Minegate Sales looks like the most obvious situation to arise within the next 12months.

The longer we can last without T/O activity the more chance we have to realise true value and tighten the registry even further. Thats how RIO & FMG did it.

This would also allow other contracts to be signed along the way. The Rail Spur is going to need some big bickies. How that unfolds, well perhaps BHP holds the key with the "L tenements".

Remember, the Ocean Equities report has the longterm Big Picture as being the Bauxite and eventually refinery. The Iron Ore is seen more as secondary, being a "Means to an end". 2010 could be a time when UMC will need to dip into some serious cash if we are looking at spending over $1bln towards a refinery.

In the meantime, we can continue to grow our I/O and build up reserves along the way adding large shareholder value.

Could we possibly end up being a $10bln company or more in 3 - 5 years time?

Its a very real possibility if things go to plan.

Thats what i am really waiting for.

So far management has not put a foot wrong.

Lets see what they can do in the next 12months.

Cheers markco2