Ann: Trading Update, page-10

If anyone were to take it out, its likely to be RIO. They've got a huge Weipa operation and once MMI is close to 10m of production, its a material operation (RIO would have no interest in 3-4m per year which is what they've been). MMI have good tenements all around the RIO ones and once they start drilling will convert the resources. The valuation is correct - once the long term debt is paid down/restructured and production hits reasonable levels - say 2.5m a quarter - then 7c is cheap and 14c starts to look reasonable.