MIN - Conference Call, page-178

I can’t believe MIN yesterday did the following:

- ignore the $500m tax credits, which is a substantially material item given the current mkt cap of AGO.

- criticise retail holders publically for not accepting

- announce decreased production figures for MIN only days after having the scheme agreed to by both companies at a ratio of 571 to 1

- discuss the financial affairs of AGO prior to the quarterly release. He mentions they have not been profitable for three months, which is contrary to what Cliff said at the end of Jan. mind you the iron ore price was substantially higher in Feb than it was in Nov and AGO would have had hedging in place also

- mention the company being in palliative care to scare holders into accepting. If that’s the case, why not wait until the receivers come in and pick up the carcass then

As mentioned yesterday, if MIN anticipates $180m pa saving by having AGO on its books, which does not include the tax credits, then an appropriate P/E should be applied, one that is balanced for everyone.