FMS - "The Foundation Customer", page-545

Hi Jake (been away so just catching up on posts, although looks like BOD still working on next move!!)
I presume that deal between Sinosteel and Mitsubishi is the one which was reported nearly 18 months ago. At the time the purchaser was unnamed but presumed to be Ansteel or Sinosteel. The purchase would be just a peppercorn type arrangement as Mitsubishi just wanted out and Sinosteel happy to take control (That project has certainly had some controversies).
Think it had some regulatory hurdles incl FIRB (remember Palmer jumping up and down about Chinese ownership of our ports) so I presume these have all finally been sorted and deal finalised.
The interesting part is how this might play out with Austsino (ANS) and Sundance (SDL).
Like FMS, ANS has a "stranded" IO reserve (Peak Hill) and need the Oakajee Port / Rail infrastructure developed for them to progress.
Anyone following those companies will know that they have been suspended for over 12 months waiting for funds ($100m) to come from China which will enable a Chinese entity (WAPRC) to take control of ANS with ANS then to use some of the funds to take control of SDL!!
This deal has always looked doubtful & puzzling (ASX suspended both until proof of funds available) however a while ago they did name a Chinese consortium who are interested in being the backers / funders of the actual project, so you never know.
The original deal was to invest in progressing ANS's Peak Hill / Oakajee as well as some funds directed toward SDL's Mbalam, however recent updates appear to indicate their main focus will be SDL's African mine - definately a believe it when you see it type thing for either of them!
I had always thought the whole thing was a control event to secure ownership of potential future mines and it appears that the Sinosteel Oakajee deal may well just be similar as nothing to indicate they are are preparing to plow in the big bucks anytime soon.
(Although I am sure there will be some dot joining and reading between the lines on those threads - haven't had a look yet)
Anyway, all makes for some interesting happenings in the IO space................