RIO's ace is not up it's sleeve it has been on the table since...

RIO's ace is not up it's sleeve it has been on the table since before Rossing South was discovered. aka any mooted bidder knows this & IMHO makes any bid much less likely.
AND it's more than just the synergies in the existing plant but also the human resources & consumables/logistics, go'vt/community relations (30yrs operating Rossing) that is IMHO at least as significant. If BHP or KEPCO or China or Areva etc etc want to put a price on this then they'll add that to a separate account to that allocated for purchasing the right to mine (ie for buying EXT & KAH shares)

RIO & Itochu may have combined stakes as stated but how much more could they have in friendly nominee accounts or holders that have agreed to sell to them, or they could buy on-market to put them with sufficient KAH & EXT board representation/voting rights to scupper any deal that is not to their liking? In other words are they on the threshold of having sufficient influence so that they need not make first move as they can knock on the head any deal they don't like? If you're one of the mooted counter bidders you're well aware of this as a strong probability (IMHO its a fact), and A) you REALLY cannot afford to telegraph your punches ie more than any deal you're negotiations/due diligence has got to be watertight B) It's going to need a knockout blow first punch.

Just to continue the analogy, it is a fantastic prize, no argument, but your opponent has got gloves of steel, not hidden, not in secret, you can see his gloves, they're made of steel......... aka don't underestimate the strength of RIO's position.... Purely my opinion.

Nice point about Irans stake in Rossing mining, that does make for some complicated scenarios/negotiations in processing of ore through the rossing plant, be it an early stage, interim scenario or relocation job.