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DRS, you are on the money in your summary. There would never have been a JV. The Chinese must insist that they own the resource outright.

The whole takeover issue here is a simple matter of supply and demand and commercial negotiations.

Quite frankly, until the FIRB gives the green light to HanLong (which may still be months away assuming the company is found innocent), all arguments about whether to accept or reject is pretty irrelvant.