Balilow,How would you see the possibility of Xstrata / Anglo...

Balilow,

How would you see the possibility of Xstrata / Anglo cooperating in order to exploite the full set of NKP assets (Garatau and Tubatse). If I am not mistaken they are allready involved in a JV together and Anglo provide smelting services for Xstrata.

If I look at it withought considering power plays then Xstrata have the most to gain from Tubatse owing to the proximity to its Ferrochrome operations, while Anglo have more synergies over Garatau as a result of the neighbouring PGM mines.

Would competition authorities in US / Europe allow Glencore to take full control of both Xstrata and Anglo? The Rio / GHP Iron ore merger did not take place and I woudl see major obstacles for Glencore as well.

BR
Max