Regarding the 'Supplemental Circular in relation to Takeover...

Regarding the 'Supplemental Circular in relation to Takeover Offer for BRM' of 14 October, the document's valuation figures are focused on Marillana alone (to the exclusion of all other tenements), and this seems to be entirely consistent with the boards earlier stated aim of seeking a possible joint venture partner for the Marillana project.

'Project economics remain robust and financing the Marillana project is now a priority, possibly with a joint venture partner taking a minority share in the project.'
(Chairman's Letter - Page 3, Annual Report 2011)

If you view this as a reasonable assumption, then it also follows that the current BRM board has every reason to still be actively pursuing a rail solution to support Marillana's development - as suggested by MiningGuru this morning.

Perhaps that joint venture partner (if one is found) will turn out to be another Chinese company, given the recent suggestion in the press of the current board's reduced credibility in Pilbara circles. Who knows? Personally, I don't care who it is, as long as the project goes ahead.

I think Wah Nam has too much invested and therefore too much to lose, to not proceed down this path. I also think they have higher priorities at the moment than trying to shake us remaining small shareholders off their back. I don't think they attach as much importance to that outcome as we all seem to think.

Just my opinion of course. I have no more knowledge that the rest of you.

Regards,
Bones