They would more then likely be selling because they don't like the direction of CBS or iron ore in general and probably wanting to reduce their exposure.
Most of these investment funds have a 5 year outlook, if they become bearish on the commodity , they would sell the stocks that would take the longest to develop.
If Passport are reducing their exposure in other long term iron projects, then there is your answer.
Just my thoughts,
15m to go, page-10
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