i think mitsubishi will walk away, page-52

A few fundamentals regarding Sino v mitsu/mmx
Sino weld range at best is 15mta for 15 years, mmx is 22mta for 40 years.
Sino paid +$1.5 billion for weld range, mmx $1million + ongoing royalty to vendors.
Sino has DSO, but lower grade and will need some processes, mmx magnetite needs more processing.
Magnetite feed is the preferred feed for smelters and attracts a premium on DSO.
Sino project costs more than half of mmx on an orebody one third the size.
Sino mine life is very short compared mmx.
Mitsu and ansteel can do this without Sino, Sino can only do it with both other participating.
Mitsu have as much ability to raise capital as Sino.
I am not sure Sino hand is so strong, need to keep bluffing