12mt jorc, page-25

Dreadnought said -

"There have been a few posters on here (aka hooter in particular) who constantly said, "if Cockatoo is so great, then why would Cliffs be selling it?" - insinuating that Cockatoo was a dud."

I never said it was a Dud - What I said is the deal to sell it to PLV for $20m while PLV sell 50% to Timeone for north of $60m seemed to good to be true.

apparently it was and they reneged - then there was a definitive market statement that a new deal had been done with an Aussie comapny who put in a $2m deposit then they also reneged and got their deposit back ! - enter Timeone once again with a new hat on.

Why did the aussies bail out ? possibly it coincided with the iron ore price tanking an Twiggy Forrest being forced to buy on market to suppport the FMG price.. or maybe they didnt think it was worth multiples of the $20m that Cliffs agreed to sell it for - who knows lets just see if its third time lucky for Timeone to come up the cash " in full & on time "