Zhaojin might just sit here for a year, picking up bits and...

Zhaojin might just sit here for a year, picking up bits and pieces at these prices on market, but it's not going to get them very far in the end. I'd be surprised if they've even gained another one percent. Their offer is low and not enticing to anyone.

Everyone knows Tietto is valued between at least 85 cents and $1.20, so Zhaojin are just making themselves look foolish.

The problem may become the other two large Chinese holders, who knows what the three of these companies together may get up to in the end, or what corporate maneuverings take place within them, or between them, behind the Chinese business iron curtain. Hidden relationships often play a big part in this, ones that shareholders never hear about.

For my purpose, I'd like to see Tietto grow, bring the heap leach operation online, and then use profits to buy another gold mine, or development project, the company has the potential to own two or three mines and become a major producer. Matt and the team are experienced and proficient, so let's see how it all unfolds.

I'm going down to Fremantle to have a chat with Matt in February, at the mining conference, he's presenting on the second day.

Gw