A JV before Xmas is highly unlikely imo as there are too many...

A JV before Xmas is highly unlikely imo as there are too many distractions for the big players - unless minnow is cheeky (Brockman for example???)

BHP-Rio takeover battle
New IO contract negotiations with China
FMG's future - will it be controlled by the Chinese?
Impact of possible new spin off from BHP into specific IO company
Uncertainty over Chinese economy etc
Global situation in danger of total meltdown - Ireland now in dire trouble - with many other EU European countries in the same boat, especially the UK. In such an environment cash is the only, albeit unattractive, option and everyone is paralyses as no-one, and I mean no-one, has any idea what is going to happen next - except that it will probably be bad.

A JV can only be with BHP or Rio - maybe FMG if the Chinese have control but that will be well post-Xmas if that happened. However someone may pop out of the woodwork with a cheeky bid. UMC now trading at below cash backing (absurd but they are far from alone) - discounting the cash they have a world class IO discovery which is priced at 50c/tonne (also absurd when you think of exploration costs to replace that). If I had the cash I would bid now .... but afraid the Lottery team so far are not cooperating.

As for $3.00 - must have been my computer putting the decimal point in the wrong place ..... or the wrong year as $3.00 will one day look cheap in whatever form UMC may be by then.

Meanwhile the charts say 'wait' - frustrating though that may be - but it has been a sound bell weather indicator.