palmer and shougang

I had a meeting a while back with a person who is closely involved with the CP Mining operation in an alliance. He advised that Palmer is extraordinarily difficult to deal. Even over minor matters to deal with the lease that dont affect tonnage but require variations that relate to easier construction he is extremely obstinate.

Then we have Shougang and their attempted actions at Mount Gibson as reported recently in the Australian.

I am starting to wonder where this will end up for us minority holders.

CITIC paid $228 million Australian dollars for their second tranche of 1 billion tonnes.

ARH paid 450 million - 500 million plus for their 1 billion tonnes, dependent on the value ascribed to the nickel and other leases.

Palmer has not done us any favors.