I think that you are right Petercog that Rio don't need another 1 billion tonnes or ore, but what they definitely do not need is yet another competitor with that amount. The iron ore market has been cosy because Rio, Vale and BHP have had significant influence. In a market with increasing supply v demand they will no doubt want to remain in a strong position.
As an aside 1 billion tonnes at the grade that FMS has will never be so cheap as now.
rio will not bid!, page-28
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