The fact that the CIC is doing due diligence on MMX is that they want JHEP real bad. Some wankas say the Chinese were jilted a couple of yeras ago now feel compelled to play hard ball is all nonsense. At the end of the day, China feels extremely vulnerable about energy and resources supply.
After seeing Obama and Gillard rounding up all the Asian countries in unison to bash China in the East Asia Summit in Bali this week, the Chinese know that anytime Australia can't be trusted. They envisage Oz can turn the IO tap off (just as the Indians have threatened to do - acccusing China as the new colonial power ripping off Indian unrenewable resources).
However, if they own the mine (JHEP) and NOW even the infrastructure, then they would not hesitate to bite the bullet and pay a premium for the asset.
It is also in the interest that CIC pays big $$ for MMX for one day Mitsubishi may also sell up the other half to the Chinese. No good setting a precedence of a low price JHEP.
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