50/50 jv, page-15

Hmnn - So cliffs are happy enough to handball Cockatoo to PLV for the cost of the Rehab ( $20m ) - yet Timeone plus buddies are going to pay $70m for 50 % of cockatoo plus 30% of the whole PLV shebang ?

Cockatoo apparently has no real value above $20m except to plv who can use the synergies to develop Irvine !

Still have the small problem that they still need circa $600m to $700mm .

Any spike tomorrow would be a sell the news opportunity (IMO )

in regard to the 20% normally if you go on market and acquire above 19.9% you have to go to a full take over tilt but Timeone already had FIRB approval to go to 30 % didn't they ?