i wonder what is wah nam's next move?

Funny a HK company that makes it sound like they have support from "Chinese steel mills" or state-owned enterprises and Chinese banks", for long lacked the support of CRM Corp.

IMO, it makes sense for CRM to support AGO than WNI. AGO's proven capability and potential to become the 4th force in iron ore is helpful to Beijing's longstanding fight against on being dependent on Vale, BHP, and RIO. Now with a future FMG capable of 155mtpa of production ore and AGO post-2015/16 is likely around 26-52mtpa. SDL (possibly under Hanlong Mining) eventually wants to ship up to 50mtpa. GBG probably aiming for similar to SDL's production IF MMX gets their act together on OPR.

QUESTION now is what is WNI's next move? to justify their presence in Australian iron ore and its majority stake in BRM.

My guess is: IOH's Central hub assets or DMA.

But the interesting thing is that WNI was eyeing combining BRM & FRS. Large reason was the port allocation in Port Hedland which is the same reason why AGO wants FRS.

To justify that was to combine BRM's and FRS's Southeast Pilbara tenements near Newman rather than FRS having synergies for BRM's flagship Marillana Project.

So IOH's Central Hub assets has synergies with BRM's Marillana Project, but from reading some past announcements and looking at some maps, IOH's Central hub and BRM's Marillana Project is separated between RIO's and FMG's Marillana tenements.

Also another factor to consider if WNI is interested in IOH's Central Hub is that IOH won't want to accept WNI shares as payment for any sale. They would want probably 100% cash. So the probability of WNI succeeding there is lower unless they sell all their FRS shares on market now and got bank loans.

Whereas if the previous strategy was for standing to combine synergies in the Southeast near Newman. Then DMA is your bet as BRM's tenements are north of DMA right next to Newman. Also factors for DMA can be that it can be bought by $30m imo outright. WNI can use its worthless scrip deal as an offer. Chances of success for WNI is higher than IOH.

Just some thoughts.