I wouldn't get too worried about it.Crosslands owns the all iron...

I wouldn't get too worried about it.

Crosslands owns the all iron ore resources. MMX used to own Crosslands entirely, but they sold half of it to Mitsubishi - they did the same with OPR.

Mitsu still has to pay MMX for its half of Crosslands and OPR...the figure is to be determined once construction on the port begins but it will be in the billions. They also have to provide debt funding for MMX for their share of infra development if required.

If Sino bought MMX, then Sino would own half of Crosslands and half of OPR, but Mitsubishi would still own the other half.

No problem with that though - plenty of precedents for companies/countries getting together on large projects....just look at the Northwest Shelf LNG venture - its a JV between Woodside, BP, Shell, BHP, Chevron, Mitsui and Mitsubishi....thats Aussie/Anglo, American and Jap all combined in 1 project. And its a combination of miners, oilers and trading houses.

In my view, its unlikely that BHP, RIO or any other player will make a bid for MMX.

It will either be Sino or Mitsubishi.

And no matter who buys MMX, the iron ore resources will eventually get combined with those of MIS, and perhaps eventually others in the region.

All the takeovers, mergers, bids, criticisms etc. is just all the key players jostling to get the best or biggest position in the emerging midwest region at the best price.

All the key players know the endgame will involve key assets being combined into a single operating entity. This will unlock a lot of economies of scale and efficiency.

Now that MMX/Mitsu has the infra, they are in an even stronger position to negotiate. I think the market will slowly wake up to how good a position MMX is in being able to control the development of the port.

And you can be sure MMX management will be making sure we get a good outcome for MMX shareholders....as they have done all along.