I still see the Moranbah assets being theirs. The other mines......

I still see the Moranbah assets being theirs. The other mines... not so much theirs as they're incapable of operating them.

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Other than the coal quality fitting, it all comes down to the realised price and how this facilitates workplace cultures. When there's excessive money in their system, socialist/communist policy is reigning supreme. The only way to shake such wasteful ideology is to either wait until the money/resource runs out, or, go to war and have a change of regime. This mirrors what happened to the former USSR.

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In the current situation, the money/resource has run out for Anglo and they can no longer afford to play the socialist game where people are promoted based on race/gender so that their racist socialist agenda of opportunity of outcome can occur. Crunch time really was Grosvenor, although, if one delved deeper into Anglo closet, there's phosphate skeletons and other major investment mistakes compounding debt. BHP (and Glencore) are still able to leverage their balance sheets and chronically overpay using debt to keep their racist, sexist socialist dreams alive.

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Glencore might be able to outbid BHP, but, in the long game (50-100+ years) is it to their advantage to take the Moranbah assets now, or, force the bid higher letting BHP overpay and then shrink global premium met margins with their Teck assets, forcing BHP into a default position similar to what BHP has just done to Anglo?

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As to the other Anglo assets, maybe Glencore will pick up the PRC assets on the cheap and the Dawson/Middlemount assets will go to the smooth operator Yancoal or possibly Peabody gets a look in. There's nothing wrong with these mines, it's just that the wasteful rape & pillage culture exhibited by most of the Bowen Basin operations doesn't work any more because the best deposits for this style of mining are depleting. The reality for the remaining deposits is that competent people are needed to run them, unlike the current crop of people who don't... for example, the industry is full of geological contractors (individuals with 10-20-30+ years on the ground) who literally can't tell the difference between coal and mudstone. Blergggg.... I'm ranting... God help me... I need new job where I can hire and fire these incompetent people from the industry. First to go would be the blue hair land whales.