Go back a few years.Plenty of people on HC thought that the...

Go back a few years.

Plenty of people on HC thought that the Indians investing big time in coking coal was the best thing since sliced bread. Sure NMDC have more money, but the underlying theme, raw materials for India is the same.

The point is deals can fall over. The Indians can delay things as they wish as they have taken a long term view and they can manipulate the situation ending up with existing holders getting screwed.

As much as you guys don't want to think about (and the same applies to MAK) big deals can fail. Until NMDC take complete control of LCY the other shareholders of LCY are a third party that don't need to have anything to do with MAK. I am not convinced by the FIRB argument. There is no reason why the Indian directors in Perth can't take seats at the MAK table independent of LCY.
Perhaps NMDC are going to give you guys a free ride as LCY was sold for a low price.
However all the talk of using LCY as a vehicle may well refer to the future when LCY is 100% NMDC. As we know there was one report that alluded to LCY acquiring materials related to steel only.
By giving LCY holders a free lunch now NMDC will surely end up paying more for the remaining 50% at a later date.
It will be interesting to see what the proposed structure will be.
I am not trying to be antagonistic.
Cheers