BHP has 19% only if they exercise all their options - which they would no doubt do if there is a bid - and then 'Thank out and out' IMO. GRR is up 50c (+ 33%) over last month or so in a raging bear market - sort of suggests something is going on I think - I did mention that on this string briefly when it was around $1.50. UMC is not yet ripe for plucking as they need JORC proven resource and scoping details to be able to sit down with Rio/BHP. Doubt the Chinese would move on this one given that it is a situation which needs the locals to deliver (BHP/Rio?FMG) - unless of course UMC prove up between 500mt and 1 billion tonnes of DSO - then the Chinese would fund a railway without blinking - but that will take a year or so - patience and nerves are what is needed now. The Chinese are certainly buyers when the opportunity appears - we are dealing with a potential bid for a mineral asset in trouble right now and they are moving much faster than usual - can say no more.
UMC Price at posting:
$1.52 Sentiment: Buy Disclosure: Held
