bring on bhp & fmg, page-17

Given the way RIO has behaved in past negotiations with other parties you could say that RIO could be playing hardball, but it is also conceivable that IOH is negotiating from a position of strength too. It actually gives me some comfort that knowing (well presuming) how RIO operate that they arent giving in to a low ball offer. This is as much a testament to our strong shareholder base with options to go it alone.

The fact that joint venture structures were discussed to me shows that IOH may be strategically angling for an option that provides more exposure to future upside, given Iron Valley is getting larger and larger, and the move to quarterly pricing giving some zipp to the IO price. Access to capital shouldnt be an issue to IOH, and a JV model may in fact give the best long term upside to shareholders rather than a straight out sale. A drop in exclusivity may also bring back some juice to any auction process. I dont think it means that RIO are no longer interested.

At these levels Phils Creek not getting up must also be priced in too. Still seems like an outstanding long term play to me.