Buying LionOre "is an important step in our strategy to grow Xstrata Nickel into a truly global nickel business," Ian Pearce, head of the Xstrata nickel unit, said in a statement.
It is a given Xstrata will take out Glencore's holding in the plant, its shareholding in MRE and the minorities - just a matter of time... and yes, MRE is massively undervalued. Some investors cannot get over the Anaconda history, and now feel they have missed the boat. $8 on the back of this quarter's results in my view.
Cheers
Monty
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