p.s your line of argument will have negligible LT valuation...

p.s your line of argument will have negligible LT valuation impact from this point (give or take 6 months) if financing is part of next update. Moreover, ML will come by end of CY11 irrespective of Xstrata's dominating influence in region.

Changed my sentiment to ST buy in expectation of massive reconstructure required in Japan (replace all cars and houses lost). US manufacturing index going gang busters also.