accc won't oppose chinalco's rio bid, page-7

Hi mark10,

I think it is more that MM are not disagreeing to the sale of Golden Grove. Without firb approval they simply have no say. Particularly, when this is about the banks and company survival. No doubt, AM wants MM to take the lot and be done with it. But now with this 90 day firb delay and uncertainty as to what the gov is up to - what do they do? Probably, sell assets and hope metals keep rising.

IMO the 30 day delays on FMG and GBG means - no objection - they will be approved shortly. But the 90 day delays on RIO and OZL means the gov prefers alternatives to Chinese ownership.

So I expect OZL to languish at these levels on the presumption that the company will most likely pull through without MM. With asset sales, debt reduction and improving metal prices I expect the OZL sp will appreciate slowly.