valuation, page-38

The only thing that I would diaagree with is if there was going to be a merger I would think that it would have happened by now. I mean why would FMG wait until the BCI share price goes up before making an offer? They have had months to make an offer while the share price was around $1 but have not yet. They would know that the share price will go up as they get closer to production. I suspect if anything they are waiting for the final approvals to mine before proceeding. I do agree with the fact that it is still very odd that they cut ties with Tennant metals, and the only reason they would do that is because FMG didnt want anyone else in the way. Realistically it makes perfect sense for FMG to take over BCI. If you listen to Andrew Forrest talk he is all about how big FMG is going to get over the next few years, so why wouldnt you buy a company that is already near your rail line with superior ore that you could use as value adding material to your own? I think you would.