The Queensland government is planning to torpedo the mine (see...

The Queensland government is planning to torpedo the mine (see prior press releases) but first wants shareholders to stump up millions of dollars in job creation for port and local civil infrastructure prior to killing the project.

Arguably BND offloading its WIPS infrastructure shares plays in the hands of the QLD government as now a bureaucrat can torpedo the companies mining lease on command without impacting on the development of that key port project infrastructure and copping the associated political fall out from killing off infrastructure spend elsewhere.

The Market cap to cash discount is comprised of:
1) the Wiggins port liabilities that will have to be paid when the project is canned.
2) the expected fruitless spend on short term job creation jumping through hoops before the QLD government 'discovers' a reason to stop development as they pledged to do.