Good post JC. The only comment I would make is that 'socialist' governments don't think of mining wanabees as underdogs. On the contrary, they are more supportive of the 'fat cat' miners as evidenced by the political RSPT deal with BHP and RIO which effectively allows them to escape the tax at the expense of small-fry emerging miners.
Personally I can't see a lucrative takeover by any Australian miner. FMS must plug on and stick to the plan (notwithstanding Buckland's negativity). There are only two reasons the big miners would take FMS over:
1. They want our resource.
2. They want to eliminate competition.
The answer to 1. is they don't, they already have vast reserves. The answer to 2. is, 15mtpa isn't competition worthy of spending money to eliminate. Interest will continue to come from overseas and opportunities for JVs/mergers with other small miners is also a possibility if they stick to the plan. For me, sticking to the plan and doing regular company promotions is the best way to say to the market that you need to take us seriously.
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