594 million tonnes at 18.2% maiden jorc, page-19

I don't think there is a debate that MAK is financially stronger than UCL. That's beyond dispute. It's just pointless coming on the UCL thread and banging MAK's drum about feasibility of projects etc when they have yet to prove it! That chatter belongs in the MAK thread.

Disappointments and I know them as well as anyone else in here. What has occurred with Mehdiabad has been a major disappointment although UCL did get Mehdiabad all the way to BFS and comprehensively proved it's technical viability (lowest quartile cost of production) before the Iranian partners' betrayal.

UCL is making a takeover offer because MAK has created a situation where they are threatening UCLs future viability. I cannot for the life of me see why MAK shareholders seem to think that MAK has some sort of moral highground here. MAK's the predator and aggressor, BON rolled over but UCL are doing what they can to protect themselves.