Ann: Tests reveal potential for growth at Rhyolite Ridge, page-8

They already have off take agreements for the boron - that was one of the first deals they signed

Those agreements are with the legal entity, inr. Any company taking over inr would be legally obliged to honour those off take agreements (as the entity that the agreements are with is still in existence) or pay a penalty to break them. That break fee would be large & add to the cost of the takeover

So rio would not get their hands on the boron unless they ramped up the mining capacity (which I think will happen pretty quickly anyway)

Top 20 Shareholders

About the Data
The Top 20 Shareholders of INR hold 66.98% of shares on issue.

	Name	Shares	Capital
Citicorp Nominees Pty Limited	404,405,319	19.28%
HSBC Custody Nominees (Australia) Limited	311,440,825	14.84%
Sibanye Battery Metals Pty Ltd	145,862,742	6.95%
J P Morgan Nominees Australia Pty Limited	126,607,176	6.03%
BNP Paribas Noms Pty Ltd <Drp>	81,274,492	3.87%
Lithium Investors Americas Llc	56,268,106	2.68%
Mopti Pty Limited <The Rowe Family A/C>	36,690,902	1.75%
BNP Paribas Nominees Pty Ltd <Ib Au Noms Retailclient Drp>	30,432,328	1.45%
Holdrey Pty Ltd <Don Mathieson Family A/C>	27,400,000	1.31%
Deck Chair Holdings Pty Ltd	25,000,000	1.19%
Vista Grove Investments Pty Ltd <Vista Grove S/F A/C>	21,000,000	1.00%
Fnl Investments Pty Ltd <Superannuation Plan A/C>	20,000,000	0.95%
Quality Life Pty Ltd <The Viking Fund A/C>	19,024,590	0.91%
Kolley Pty Ltd <Lucas Family A/C>	19,000,000	0.91%
Quality Life Pty Ltd <The Neill Family A/C>	15,000,000	0.72%
Merrill Lynch (Australia) Nominees Pty Limited	14,309,676	0.68%
HSBC Custody Nominees (Australia) Limited Gsco Eca	13,703,491	0.65%
National Nominees Limited	13,419,551	0.64%
Boman Asset Pty Ltd	12,678,356	0.60%
Fnl Investments Pty Ltd	12,000,000	0.57%

Top 5 hold 50.97 - makes a takeover, unless at a very attractive price, very difficult