Ann: Change of Director's Interest Notice, page-35

I'm not sure which proposition of mine you think is wrong. There are actually three wrapped up in my comment:

1. That GR has her interests at heart and not the nation's;
2. That she has a desire to take ARU private;
3.That the Feds would be embarrassed to see a huge chunk of public money transferred into private ownership.

I could be wrong on the first two and would be pleased if I am. I'm pretty sure I'm not wrong on the third.

The intention of the current ARU management is to lift its present 53% of committed offtake to 85%, with the remaining 15% available for sale to anyone at spot prices. None of the 53% is Chinese and we don't expect the next 32% to be either, so if all goes to plan only 15% is freely available regardless of company ownership. However this is a long game: the offtake agreements have a limited life and the mine output could be increased if a new owner thought it worthwhile (and ARU has a huge resource). So in the longer term a transfer to China is possible.

I am not familiar with the details of the ILU loan. If the loans to ARU contain equivalent restrictions, I would stop worrying.