Like most junior iron companies (and even Rio!), IOH directors panicked and took the money now. A largish share in an operating mine is better than "sitting on assets" waiting for the market to turn. BCI, of course, is running out of ore, so IOH was an easy decision. Afterall, there are very few other reasonable resources in the Pilbara available.
I'm a little surprised BCI isn't backing out of the deal, given the views of iron ore analysts. That tells you that they either do not believe the analysts (as I do not) or the deal really is seen as a "win-win", to use that over-exposed chinese excuse for all decisions.
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