take over target, page-3

Hi Atma,

I am not sure if your argument is correct.
BHP is big miner and big miners have huge resources 35 Btonnes of high grade iron ore is still not as much as RIO has.

This has been a negative for BHP during the latest take-over discussion between the two, I am sure that BHP would not mind adding some more to their already big reserve.
Especially when it is next to their railway lines.

But ofcourse UMC needs to prove up a reserve big enough to make it worthwile for the big boys.
After Railway and Railway east they could well have a resource big enough and north of 200Mtonnes.

The nature of these resources being high grades >60%Fe and low impurities are any miners dream.

Nothing to worrie about now but once we have both Railways under a JORC this could become a serious issue for UMC.

jojo