The Bemax Cristal arrangement was more of a buy out than a JV....

The Bemax Cristal arrangement was more of a buy out than a JV.

The Posco deal with Gunson had industry participants scratching their head and it seems it was doomed from the beginning. I vaguely recall this followed an earlier failed attempt at a JV with an Indian company. In reality, David Hartley just wanted to sell the whole project to Iluka and waltz off into the sunset with his cash.

From memory Blackrock also held a significant chunk of Kenmare when ILU made its bid, but still blocked the acquisition. Would be interesting to see if they are still on the share registry (maybe we can get the Irish interested in a JV !).