Xstrata certainly won't be bidding giving it has its own debt...

Xstrata certainly won't be bidding giving it has its own debt problems and needed to raise billions in Jan/Feb.

I don't think Vale would be looking at these assets, they don't make sense. Teck Cominco is close to insolvency so no chance there and Freeport is cutting jobs/dividend just to preserve cash.

BHP is really the only one powerful enough but its too risky, OZL's mines have a massive cashburn and I don't think BHP would want to shoulder loss-making zinc mines and wait for a rebound, they'll probably let it pass.

Who the hell wants PH anyway, Olympic Dam is massive enough and they still need to set up operations there, why buy PH?