Ann: Ceasing to be a substantial holder from MUFG, page-13

Big companies like BHP, RIO or WES usually the ring the top of markets making TO's at just the wrong time for too much. It seems PE investors are more cautious and savvy types. The coincidence that the PE negotiations fell over just as the Coronavirus got going in China looking less and less surprising.

As I posted back then, why would a potential JV partner step back from a deal and just see what damage this virus might do. Might be a hick-up, might be a trigger for world recession. I certainly would have stepped back and waited for clarity before committing hundreds of millions (buy-in and share of start-up costs etc) then building in this uncertainty of what the demand and price outlook will be when the mine is ramped up. Timing is everything in both the market and commodity development. While errors of judgement have been made, luck certainly hasn't been on SFX side since the years of NT delays and shake downs.