From the West Australian - Herd on the Terrace - 8/5/10UNITED...

From the West Australian - Herd on the Terrace - 8/5/10

UNITED FORTUNE
It may only be May but The Bull is putting in an early nomination for United Mineral Corp's decision to sell itself to BHP Billiton as one of the deal of the year.

The $1.30 a-share cash deal was wrapped up in February against a backdrop of soaring iron ore p[rices, prompting some shareholders to complain it was too cheap.

Three months on, in the shadow of the super profit tax, things look very different. Billions have ben stripped from the market value of the Australian miners, analysts are taxing an axe to their earnings estimates and project financing for new mines is looking like an increasingly tough task.

In other words, those in the Pilbara who weren't fortunate enough to be swallowed for $200-odd million already might have a while to wait for their own pay day