From Sydney Morning Herald 13th Oct - are we getting warmer?
BHP'S BIG BID
BHP Billiton is understood to be the mystery miner negotiating with United Minerals about a possible change-of-control transaction that would trump a recently planned placement to China Railway Materials. BHP, believed to be advised by Gresham, was the original owner of United's Railway project, but back in 2003 it was required to drop 264 square kilometres off its tenements. United eventually picked up the area, making it the first junior since 1964 to hold the ground.
United recently noted its leases were in the ''geographical centre'' of the production plans of the proposed BHP-Rio Tinto iron ore joint venture, making it valuable real estate. A deal would not mark the first time BHP has paid big money to buy back its old ground.
UMC Price at posting:
91.0¢ Sentiment: Buy Disclosure: Held
