This is assuming that BHP at $14.86 is "Overvalued"; and thus...

This is assuming that BHP at $14.86 is "Overvalued"; and thus issuing 33% dilution to the stock at its lowest price in over a decade is a net positive. I think doing this will be a slap to any current shareholders; and only fatten the bankers' fees.

How can you get an asset at "lower end of cost curve" if they are still "profitable either now or not in distant future"? Profitable asset in mining industry at these prices would be the last thing anyone will sell for cheap; if you have an iron ore mine that is still profitable at US$35-$40 per tonnes, you will be a rare unicorn that does not need to sell assets.