Any Chance of Ann today?, page-162

IJ,
Sorry to say, BAU no comparison. Too far from port , top heavy Board of Directors ( 1 executive & 6 non executive directors!!!) & most important of all , they don't own 100% . See this from the quarterly report :

EXPLORATION ACTIVITIES UNDERTAKEN UNDER THE JOINT VENTURE WITH YANKUANG RESOURCES
In January 2011, BRL executed a JV with Yankuang Resources Pty Ltd for the development of both bauxite mining and alumina refining in Western Australia. Under the Resources Joint Venture ("BRJV") Yankuang fund 70% of all resource development costs for a 70% interest in the resources of the joint venture.

EXPLORATION ACTIVITIES UNDERTAKEN UNDER THE JOINT VENTURE WITH HD MINING
In 2010 the Company entered into a joint venture (JV) with HD Mining ("HDM") a wholly-owned subsidiary of the Shandong Bureau No1 Institute of Geology & Minerals (Shandong) to explore for bauxite. The JV allows for HDM to fund 100% of exploration and feasibility costs for HDM to earn 60% interest of the bauxite rights upon a decision to mine


SO WHAT DO BAU actually own????