At that time BHP entered into a MOU with CAZ (which is a long way from an actual deal), BHP and RIO were negotiating royalties with the WA government. Plus FMG were agitating for rail access.
My take has always been that BHP wanted to appear ready to do business with the smaller producers to help them out politically. Signing an MOU with many exit points hardly committed BHP to anything significant.
Whereas a high quality orebody would have tremendous appeal in its own right. Especially a low phos one.
UMC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
