If Baosteel gets a board seat on FMG as a reward for a cash injection then Rio and BHP will have got much more than what they bargained for.
With unlimted cash from Beijing (global miners already lost $80Billion EBITA over the last 13 months according to Cliff's CEO) and more transfer of wealth from Australia to the Chinese treasery, Baosteel can turn FMG's 155MTA into a 400MTA operation in a few years.
That would be 200MTA they won't be buying from Rio.
Don't doubt the Chinese, they are still pouring big bucks ($13 already spent) into Clive Palmer's magnetitte mine with a cost of $120/T.
If Baosteel gets a board seat on FMG as a reward for a cash...
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Last
$21.41 |
Change
-0.260(1.20%) |
Mkt cap ! $65.92B | |||
| Open | High | Low | Value | Volume |
| $21.52 | $21.67 | $21.30 | $150.5M | 7.000M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 93 | $21.40 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.41 | 12657 | 3 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| FMG (ASX) Chart |