Alvar, don't give Mongrels a bad name! I'll be rejecting this....

Alvar,
don't give Mongrels a bad name! I'll be rejecting this. UMC has a total Inferred Resource of 158Mt. At comparable pricing, or $1.63/t in situ, the value of UMC's resources is $257.5M, or $1.67/share. To this must also be added the exploration potential of UMC's as yet undrilled ground - a lot harder to value. For argument's sake, round up the value to $300M, giving a total of $1.95/share.

To put this in perspective, the "comparable pricing" is based on FMG's sale to Leucadia in 2005 when they only had the Chichester deposit - no rail, no port. BHP will have instant access to both, greatly derisking the deal.

At $1.35/share (to CRM) its a steal, leave alone $1.30 to BHP!

The Directors should be held to account.