2007 quarterly results, page-5

Dear Klvnwng

There is little doubt in my mind that informal discussions will have taken place between Glencore and Xtrata.

Given Glencore's controlling interest, a takeover of the company can only be friendly, whether it be Xtrata or somebody else such as BHP. I suspect the issue with Xtrata is timing and/or price.

Certainly, Merrills have highlighted Minara on its 3 factors as a top 10 buy - and this certainly has helped the sp in the past week.

It is also possible that a hedge fund could take a material blocking position - don't forget Soros was in at $3.

Glencore is very much a nickel bull so their view will probably be that the sp won't be coming off soon.

Regards Eos