Hi Hotazel, I intrepreted your post literally in the way it was...

Hi Hotazel, I intrepreted your post literally in the way it was posted. Your clarification helps.

...What you are now saying is that there will not be a T/O (in true sense) because China will go for 100% asset and will outbid the others significantly. In your view the current TENDER Process is in fact a bidding war for T/O...

Yes, ONLY in the sense that I interpret what the Chinese has always said (they wants ownership of at least 50% of all the ore they import - by some estimate they own that in single digit %). Now, if you also take the latest NDRC statements into account, I believe they will take over the asset in whole (can't see why China would take a small minority stake if onwership providing "speaking rights" is China's priority).

The tender process is absolutely essential in that if China loses the asset equity sales, a viable EPC solution MUST be in place.

It's not a superfluous exercise at all. It's critically important.

Look, it comes down to personal belief. I am happy for other's views to be different. In any case, all will be reviewed hopefully before too long.