We dont know if AAL => BHP automatically triggers S32's right to buy out the Manganese JV. It is reasonable to conclude BHP would have little interest in holding the minority stake and a smooth transaction between a willing seller and willing buyer will happen in time.
S32 would be keen for the Brazilian nickel mines - at a reasonable price.
Meanwhile, GK & team have a lazy $US1.5b coming from selling Illawarra and even successfully buying ALL the desired AAL assets would not exhaust this piggy bank, augmented by FCF.
They will take out any unattended Tier 1 base metal asset that makes sense, earlier rather than later in this commodity bull market.
Ash
S32 Price at posting:
$3.35 Sentiment: Buy Disclosure: Held
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