Ann: Upgraded Ore Reserve and Mineral Resource Estimates, page-35

The combined production capacity of AJM & PLS in full expansion mode would be > 1m tpa of 6% Li2O. This would be greater than Greenbushes's 650k 6% Li2O tpa and make it the largest operation of its kind in the world. You would think that some large corporation either in or looking to establish a foothold in the Li industry would find this incredibly and tantalising attractive. You buy AJM & PLS (Neighbors after all) and immediately establish yourself as a premier force in the new age industry of Li. Also the combined entity would be generating PAT > A$600m and FCF > A$650m. So who would do this:
1. FMG. Would reduce their dependence on IO and give them immediate scale which they would like
2. BHP. This would complement their existing product line and again have the required scale. Also once they been forced to divest Oil they would have a bucket of cash to spend.
3. RIO. Maybe
4. Chinese outfit. They like dominant industry positions (eg REEs) so this strategy would be a perfect fit and put them in pole position to build up market dominance.
In any case just some random thoughts BUT I suspect that someone somewhere is thinking about it.