moremoney,don't agree with you re: them not being able to work...

moremoney,

don't agree with you re: them not being able to work together and perhaps you're basing your view on past hostilities.

On the 12/13 December last year, China, Japan and Korea had a milestone summit to discuss how best to weather this economic downturn.

Google it, there's lots of commentary on how the three countries have put their animosities behind them (bloomberg article is comprehensive). Many economic commentators were remarking how even a loose alliance between these 3 countries will create a global economic giant.

What better way to show their goodwill than to move forward together with MMX. I don't know of other companies who have major Chinese, Japanese and Korean interests involved as well as the WA/Australian government.

Major things will happen to MMX very soon, and don't be surprised if they're plastered all over the news as the company which is living proof that three of the biggest economies in the world can work together at last.

Many people missed the significance of yesterday's meeting. IMO the sole purpose of the meeting was to pave the way for Sino. Have a look at the ballot: only around 20million votes said no. Obviously POSCO couldn't have been among the 'no' votes because they hold more than 50mil votes. Mitsu holds enough sway with MMX to block the whole process in the first place, so IMO they didn't oppose it either.

Regarding a T/O price, who knows in this climate ? Judging by the market $ 1.50-$ 2.00 is realistic, but I think if they're going to get it over the line they'll have to pay $ 3.00 plus.

I'm just guessing that, because in order to accumulate 49.9% they need to convince a few major holders to part with their shares. More than 72% of shares are held by top 20 holders. If Sino hold close to 5%, then the punters hold about 20%, and then take a guess as to which major holder will sell their stake.

Correct me if I'm wrong but Harbinger's average price couldn't be below $3.00, considering they bought their first lot at $ 5.65 or so, and then kept gobbling up around the $ 3.50-$ 2.50 mark in early 2008.