glencore/xstrata/anglo, page-63

Your right. Its a game of chess. Anglo/Arm and Xstrata have funds and other assets to continue with. They can play this game forever.

NKP are more needy to make something happen.

No doubt Anglo/Arm have one card to play. And the timing is most important.

Would you buy an asset knowing you couldnt use it until a legal matter was resolved that could take months?

Ofcourse at some point push comes to shove. Xstrata can force Anglo to play that card. Most likely this will happen when the BFS is finally released.

You have NKP needing a JV and wanting the best deal possible. You then have Anglo and Xstrata wanting a JV and also the best deal possible.

If one party can discourage the other, it is in their best interest.

I slightly favour a JV with Anglo, as it would remove all legal issues immediately. But Xstata is also a great outcome, might just take a bit longer for certainty to prevail.

The BFS will get the ball rolling, and hopefully the sp rising. That will in turn open up other opportunities like going it alone.

Alot of positives on the horizon.