Water & mining, page-14

I'd believe Anglo, and also Glencore might kick the tyres at these prices. Maybe Yancoal or another Chinese mob. But if Freeport ever makes a bid for WHC I'll eat my hat, coal isn't their thing.

The big Australian miners have all been scared off by the green lobby so BHP, Rio and S32 are non-starters. And WHC, operating in NSW, now carries significant sovereign risk with the planning commission apparently set on knocking back all future greenfields coal projects so overseas bidders will need to think carefully.

Maybe a merger with NHC wouldn't be totally off the table, particularly since WHC is looking at moving into Queensland. NHC is about to wrap up its last Ipswich operations, and if/when Acland Stage 3 finally gets through the green tape it will be in pretty good shape.

On the other hand, both WHC and NHC are copping enough flak from the greens already. United they might just be a bigger, more high-profile target. As two smaller operations they might be able to stay under the radar and let Adani continue to be the industry whipping boy.