min of $118m cash from china giants mcap $131m, page-12

This may also be of interest.

Whilst our market has not yet discovered the value, (which to my mind is relatively easy to establish), have a listen to what the CHINESE think of the A$186m deal:

(It is from a Chinese website):

http://english.caijing.com.cn/2008-12-19/110040893.html


"“It is a good time now to buy foreign mineral resources. This not only lowers transaction costs, it also alleviates future cost pressures making it easier to control raw material costs,” Bai Fang, a spokesman for WISCO, told Caijing in a phone interview."


So a spokesman from WISCO, China's 3rd largest steel producer, thinks that they have got a bargain!

And yet, the Australian market price values CXM at BELOW its receivables price - that is, it is valuing CXM's iron ore at less than ZERO. And two Chinese giants have separately valued their 60% and 50% shares of 2 deposits at $186m and $40m respectively.

Is it little wonder that the Chinese are becoming the global economic superpower?

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