speculation : take over (value or glencore)

The sp punishment may be a prelude to a possible corporate transaction.

Rumour has it that Vale (or Glencore) may be running their rulers over AQA.

Kind of makes sense, as both are Iron Ore / Coking Coal majors.

In the case of Glencore / Xstrata, they are dying to get into the IO business.

For Glenstrata, what better than acquiring a West Pilbara IO play (with plenty of Coking coal resource) with infrastruture all mapped out.

If that's the case, I would be inclined to think that the suitor would offer a huge premium to also snap up the West Pilbara tenemants of IOH for an operations with real economy of scale.