have i got this right

Sino Iron and ARH have individually negotiated the rights to mine (part of) different areas of a lease held by Mr Palmer. This sub leasing will require Government approval.

The Sino Iron deal requires them to build the processing plant and establish the infrastructure. ARH could feasabily use this plant etc.

If this is right then would it make sense for Sino Iron to make an offer for ARH. Mr Palmer could realise on his shareholding (cash) and maintain his royalty cashflow stream.

To me the eventual upside for both Mr Palmer and the minority shareholders is substantial.