If MMK are succesful then they'll need to spend big $$ on infrastructure and that is why their offer is low. If RIO are interested, the only infrastructure they need to construct is a 20km (approx) rail line and therefore could easily outbid MMK or anyone else.
Although the current offer is based on the proven ore reserve of approx. one billion tonnes there are still large areas to be drilled which will likely significantly increase the reserve, as commented in recent announcement, so I don't think the 30c offer is fair anyway.
If MMK are succesful then they'll need to spend big $$ on...
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