Ok Ive been trying to stay out of this but just wanted to have...

Ok Ive been trying to stay out of this but just wanted to have my two bobs worth.

The initial bid of $0.57 according to UBS gave an EV/Resource of $1.18 that was when Iron ore price was $161 a tonne. The Iron ore price has dropped by around 28% to $116 so I'm guessing thats where Hanlong are coming from with their $0.40 offer ( which stinks )

But and heres the kicker. In ground resources are now 748MT/DSO and 3716MT of 36.9% Itabirite which equates to 1337MT of DSO, so if we are to apply the $1.18 EV value that they first gave us it would be $0.80 a share.

To be honest I'd quite happily take the $0.57 and run for the hills and probably even $0.50.

Even if the lower the EV value by 18% ($1.00 per tonne )which im sure we wouldnt mind its still $0.68 a share.

Not bad for $242 billion dollars worth of iron ore at $116 a tonne