Some valid points here major - however, one thing to consider...

Some valid points here major - however, one thing to consider above all others is that China is keen to diversify its input supplies away from BHP, RIO and Vale into several smaller companies in which they have stakeholdings. Witness the recent Sino move on MIS and possible future move on MMX.

China is vehemently opposed to the BHP takeover of RIO - because they know the balance of power will shift to one massive supplier.

The JV between Ansteel and GBG is an important plank in China's future (diversified) resource supply chain. The Chinese government will make this happen - and I see further Chinese involvement across the sector.