norilsk or bhp thats the question, page-5

Hi Jojo,

I am certain they are a potential "takeover target", but I am not sure there will be a takeover, or even a takeover offer.

There certainly will be a takeover if JBM don't deliver, and deliver at a good pace, on the potential of their tenements. That is one of the reasons that they MUST push forward with A1 promptly, and explore hard.

With 17% KH will have a lot of say in the success of any takeover. I am sure that unless it's a pretty ridiculous price he will want to continue for a while longer, see the easy high grade pickings delineated, etc etc.

Happy will 29% (diluted a little by other purchases) of portfolio in this, but won't be increasing atm.

A lot further to go imo.

EL