The document never talked down the Railway asset. In fact it was...

The document never talked down the Railway asset. In fact it was described in glowing colors. IMO, THEY DID THIS IN CASE THE DEAL FAILS. The quality of the project is one thing they nerver attacked.

What they kept highlighting are the risks which applies to every mining company in the world. (Makes you wonder if these MFs planned to take the money and open a cup-cake shop because they are so scared of the resource sector).

1) Exhange rate risk (every mining company trades in USD)
2) Infrastructure Risk - Rail/Port. (they conveniently steered away from the 3rd party rail access verdict due any minute now)
3) Iron Ore prices (they pitched IO prices is about to collapse. Good explanation for why BHP wanting to buy UMC.)
4) Exploration risk (Forgot these MFs are going into the cupcakes business?)
5) Stock Market volatility (Yeah, they are dead scared, the market keeps going up and topple the deal like it probably is).
6) Stock Market disappointment about a failed deal (LOL !)

All this garbage is the findings of the "independent" expert who is eagerly waiting for the fee when the deal is done.