Ann: Quarterly Activities Report, page-60

Any block trade of that size will be sold at a discount, so i dont see anything unusual in the trade after close yesterday. The size of the discount is also reasonable given the illiquidity of YAL shares.

Glencore have wanted out for a while so now is a logical time given the price is up significantly from lows of 2 years ago. Given they have wanted out for a long time, I would assume it is for strategic reasons, rather than a view that the current share price is undervalued.

It would be nice to know who was on the other side of the transaction.

There is some risk that shareholders wont get full value in the event of another take-over offer, but i think that is more than reflected in the current share price, particularly after the 10% fall this morning.

Some simple maths from the recent quarterly:
Production guidance FY22 = 32 million tonnes
Cost = $87/tn, say $117 with $30 royalties
Price = AU$368 in Qtr 2, plus comments that price expected to be well supported through 2022, and comments that pricing received is typically on a 3 month lag. On this basis average price for 12 months likely to be similar to qtr 2 at circa $368
Therefore gross margin = $8 billion
Capex $600m, corporate costs, max $200m, tax $2 billion
Free cashflow available for shareholders in next 12 months = $5 billion +
Current market cap $6.6 billion (net debt = 0)

I doubled my holding at under $5 this morning.