Ann: Change in substantial holding, page-6

In the runup to June, I expect a few disenchanted ADHD types to lose patience and take their tax losses and move on, so I’m not expecting a move through 3C yet, unless of course we get a positive announcement about project funding. In my long experience this invariably occurs just after the capitulation event, so very late June or early July would be a typical date.

BHP’s tilt at Anglo may well delay things if Anglo remains as one of the mooted suitors. Is the project size too small for BHP? Probably. Hence project funding is likely to come from a mix of offtake companies, commodity traders and project financiers, or via a takeover of ANX.