re: asic first then takeover panel $10 billion of uneconomic...

re: asic first then takeover panel $10 billion of uneconomic resources, that is the issue.
Grosvenor West is a big resource but it's thin seams make it totally uneconomic at any coking coal prices seen the last 3 years and for the foreseeable future, if it was a tier 1 project then BHP and their partners would have snapped it up to back end supply to their existing operation.
Bluff etc marginal operations with funding hurdles and operational risk.
The directors, tied in with Helmsec (who have been ramping this stock for years to no avail) have finally succumbed and realised these points and have done shareholders a great service in recommending the bid. So many other similar sized companies ( I could name 30) would have done a 1 for 10 rights issue to help pay their directors and lifestyle fees for the next few years with great promises to extract "value from the strategic assets"
They screwed up along the way but corrected themselves acting in shareholders best interests, most people lost money which is unfortunate.
As for the Chinese, sometime in the future they will be sitting on a nice economic deposit, with January's performance, Dow down 350 last night, the US choking down on the punch bowl being removed from the party (QE), they may have to wait a decade , point being they have the money and long term strategic culture to place leveraged long term bets.
Nothing illegal here, just a sense of reality.
What this does tell you though is that our undeveloped , stranded, "undervalued" iron ore stocks are next in line.