up to 53% now, page-18

Nicely said.

I think there are benefits for a combined BRM-FRS, as the larger controlled proposed NWIOA port is a synergy as a result if WNI controls both BRM & FRS.

As FRS's board have sounded out with a warmer reception that they'll reconsider their recommendation to WNI's offer when they control BRM (happens that one of the directors is a China Rail Materials Corp nominee), which now they have greater than 53% of BRM.

If you view the FRS register, WNI, China Rail Materials Corp, and China Western Mining control about over 40%, so If the other two Chinese companies accept WNI's offer, getting over 50% mark won't be hard.

I think consolidation in the iron ore industry is an inevitable process.