questions for matt hogan, page-25

Thanks Kwaidan.

Like your points.

Also of interest is the real value in the UMC tenements to Rio and BHP, particularly given the size of the other unexploited ground they already have at their disposal.

Rio: Kadydri (spell?), Shovelanna, the areas around Paraburdoo and Brockman, Hope Downs, etc. BHP: Area C, etc., north of Newman, etc. etc. They're running flat out just to bring on stream the ground they already have. Their forward plans map out to 2030 or thereabouts.

As some have already said, UMC more likely to be a strategic blocking play more than anything else, but the question is how important to Rio/ BHP really are UMC's tenements? FMG are more than likely coming through in any case, so what does a play by Rio/ BHP really achieve other than push up the TO price and gain access to additional ore that they don't really need?

The point is, do we get a three cornered contest that people are talking about, or a one party walk-in walk-out, with a terrier snapping at its heals?

BUSH