state of play

I understand Xstrata have the ability to make another takeover offer from early January. This being so, I guess IRN will looking to enter into a binding agreement with Alson's by Xmas. I guess things are complicated by the fact that the mine is O/S, and thus taxation and other matters need to understood and taken into account under both under the Philippes and Australian systems in order for an agreement to be finalised.

Time to be patient. Probably minimal downside (10-20%?) from here unless things really turn to crap. Reasonable upside if everything goes OK is 100%.

angus

Do your own DD of course.