Yeah, U$250m is cheap, considering the resource. BHP paid A$204m...

Yeah, U$250m is cheap, considering the resource.

BHP paid A$204m for a takeover of UMC which had a 200mt Marra Mamba Fe resource. As shareholders we weren’t too happy with the $1.30 per share, although it was just after the GFC, so we did well considering.

Now the strange twist here was that UMC acquired the tenement from a private party who originally acquired the tenement from BHP when BHP took over Goldsworthy. So in this case we have a major which paid $204m for a tenement it once owned.