I don't know what AKM would fetch if sold, as is, to say, the...

I don't know what AKM would fetch if sold, as is, to say, the Russians, but it would surely be several multiples of its current ~$75m capitalisation. They could then build the rail link and corner the northern Mongolian coal supply (incl. XAM/Noble's JV coal at Nuurstei and Khavtsgait) along with probably the phosphate from Burenhaan.

Hopefully, AKM will be able to organise acceptable funding for the rail link in the near future but, if that proves too difficult - or too protracted - frankly I think shareholders would be better served with an orchestrated sale. Noble could keep some of the initial offtake, and maybe carry their stake forward, in order to bring them to the table and the South Gobi shares may be up for grabs anyway.

Alternatively, someone has to take a significant position in the company and bid the shares back up to a level where existing holders are prepared to hold.

All I know is, something has to give.