I agree that if we are to be taken out of the game Eramet are...

I agree that if we are to be taken out of the game Eramet are the most likely purchaser.

Given that in a takeover our directors would loose their jobs and Eramet would have to pick up MDLs other rehabilitation baggage I would think we are more likely to see MDL sell our share of the JV to Eramet thus allowing the MDL directors to have more cash to carry on with. They might even return a few pennies to us. They of course can't sell the major asset with out shareholder approval.

If Eramet could own 100% for the equivalent of 62c which is $au 122m ($us 92m) Eramet would get $us20m of cash and a $ us 78m loan to TIZIR. That makes the nett cost to them of the $us 172m of nett asset we own in Tizir worth negative YES NEGATIVE $ us 6m .

Doesn't seem right to me when they were already committed to buy 3.57 % OF THE JV EQUITY for $us 15M UNDER THE LOAN GUARANTEE AGREEMENT. That obligation of course has now been annulled by all the good direction coming from our board.