glencore "very interested", page-43

Matt

I agree with you to some extent in that I won't count China out even if Hanlong fails to deliver the TS. If China really wants this resource and indications are they want it, they will be asking a steel mill to do the TO and fobb Hanlong off. This may not be at the price of 0.45c though. If thisis the case GJ should also tell them to fobb off as well.If Glencore announces that it wants to be a JV partner my thoughts are that China will come back and do the deal at 0.45c. They have too much to lose if this falls into the hands of another party outside of China. Also the new government may not be too friendly with Liu Han. We don't know that but they weren't too pleased when Hanlong jumped the gun and made the bid without getting a steel mill of the government involved.

Time for GJ and GC to show some b***s