moremoney,Not sure if they turfed the previous CEO, from memory...

moremoney,

Not sure if they turfed the previous CEO, from memory they were going to do something at their AGM in March I think. I'll dig around and see if I can find the article.

However, at the time, they said that rumours about ditching the CEO were just rumours.

Re: Yilgarn, maybe they're just trying their luck, because if they're happy to spend 2 billion to build the railway and MMX/OPR have the rights, why not just take out MMX.

There are about 400mil or so MMX shares out there (maybe a touch more), to buy 49.9% at even $ 3.00 would cost around $ 600 million. (and that's AUD, in US dollars it's about $ 390 million) That way they get control of MMX, and then they pretty much have the green light with rail/port project.

Maybe they put forward Yilgarn proposal to see what the govt's position is before they make their move on MMX. Why spend 600mil, if you don't have to ?

Now that govt's position is clear, they'll have to move on MMX, but I think that was already on the cards, and they must be in constant talks with MMX. The General Meeting was called to clear the path for Sino.

I think the govt isn't just blindly favoring MMX, I think by playing hardball with Yilgarn, they're in a roundabout way forcing the chinese and japanese to work together, which would greatly benefit the entire region.

I don't think Mitsu have a problem. If they had big issues they could have exerted enough pressure on MMX to block the vote in the first place.

Usually in these JV arrangements, there are contingency clauses in their contracts which allow one party to sell their interest to another entity. Being large corporations that is always a foreseeable possibility, the only plausible condition could be that MMX must give Mitsu the first opportunity to buy.

If that's the case then that's great for us, because if Sino make a decent offer, that could stir Mitsu into action.

If I remember correctly, some months ago Surfie made a left of field comment about Mitsu soon buying up all of MMX. It was only left on the thread for a few minutes before it was moderated and removed.

That tweaked my attention at the time, because if there was no truth to it why was it removed immediately ?

(I hope I'm not lining myself up for trouble by repeating the contents of his post)