How is it possible that BRL is so damn cheap?, page-9

do some research into the recent "vocal" position of the Canadian tribes on expansion of mining in there beloved mountains and valleys.......this will explain the SP drop in JAL I suspect

a company needs to own over 90% of a listed entity in both Aus and NZ before being in a position to force a full takeover.........most unusual for mining companies to only acquire 88%......therefore I would suggest the 12% holdings of BRL by Talleys is very very strategic.
I think you will find part of BRL's reasoning for looking outside NZ for expansion is if they were to extend exports in NZ they would go directly into competition with their own joint venture with Talleys for the limited infrastructure and human resources available.
I don't think the port or train infrastructure could handle the numbers to operate two export companies.
A little dickey birds tells me Talleys acquired their 12% stake in a manor that took BRL management by surprise.
You may well ask why Talleys would want to stop a full takeover......I know the answer to that but will let you all join the dots for yourselves