But the good things is that it is the Chinese who want (and need) the resources.
With the Pilbara out of bounds (Chinalco failed with RIO, CRC failed with UMC, Wah Nam failed with FRS & BRM) and the mid-west suffering from (IMO temporary) setbacks, the Chinese don't want to be held hostage by the big 3.
India (with a population the sixe of china) is following the same path of urbanization needs all the IO it has. It has halted IO export and/or raising export taxes to discourage export to China. One day, it may even be a net importer of IO.
Note, China has $3,200 BILLIIONS in foreign reserves and is increasing by anout $2 Billion every day (i.e every 24 hours). What's being offered by Han Long is chicken sheet money to the state owned steel mills (in essence the PRC government).
Even if HanLong drops the offer, there will be plenty lining up to bid.
SDL Price at posting:
49.0¢ Sentiment: Buy Disclosure: Held
