personally, i dont think that BHP will get PH for peanuts.Purely...

personally, i dont think that BHP will get PH for peanuts.
Purely because there will be another party or two interested in this asset. If they were to dissappear, then this will change.

Xstrata and the Chinese would be interested along with BHP.
Given the proximity to Olympic Dam, I'm sure BHP would make sure they pick it up and would be willing to pay for it.

Only issue is will BHP be happy with only 30%? I daresay, they would want the lot or control as a minimum.

Ideally, OZL would prefer a capital raising in order to keep their hands on this asset. However, how many shares will they need to issue in order to raise a reasonable amount to satisfy the banks?

Let's hope the Chinese come in and take a stake. This may at least give the banks more confidence...and importantly, provide OZL with time to get PH delivering cashflows.