i smell $10, page-17

I don't think Rio wants to bid for Extract if that would leave Kalahari with its blocking 43%. Mark Hohnen is not a fan of Rio as previously stated so that would not give it effective control. So if rio moved on Kalahari first, coupled with its own minority stake in extract that would give it over 50% ie effective control.

Why should the other shareholders in Kalahari (ITOCHU, UK institutions etc) be opposed to a Rio bid for Kalahari(at the right price)? That makes no sense to me.

I think it more likely Extract institutional holders might be more opposed to Rio. Don't dismiss what Steve Galloway Extract chairman said last week to Reuters lightly- ie Husab is not for sale. Ie he and other board members do not want to sell Extract, they want a jt venture partnership with Rio and if not will go it alone.

Galloway is close to the Namibian government and the politically influentual Inge Zaamwani-Kamwe (wife of the minister of health)and managing director of the govt/De Beers diamond company Namdeb is an Extract director. She and Galloway want Extract to remain independent.