I'm not sure which proposition of mine you think is wrong. There...

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.