umc execs are loking after number 1 again, page-39

Dani,
re: 1, yes, stock was dumped, but I do not know the reason

re: 2, it only makes sense to wait if you are the only player in town. Twiggy is still trying to dominate the Hamersley Basin, so if Rio is interested, it might move prematurely to block FMG (once bitten....). Waiting might just give the Railway deposit a chance to increase in value as UMC drills more. Rio would not buy "bit by bit", FMG, Atlas, MGX etc might, so it depends on who the buyer might be. Its a best fit with Rio as they have two rail lines that bracket it nicely = low development cost.

Ppl's fancies over mine gate sales are just that. Mine gate sales are value destroying to Rio if any significant tonnage is involved (I'll get gaffaws over that one because of IOH, but I can explian if necessary). Agree with your view on $3 - thats a long term value at best. Also agree with comment on UMC's only deposit: they are essentially a one project company, and that is dangerous in any but a bubble market.