Ann: Baosteel Transaction Completed , page-4

Interesting development with Red Hill Iron now in trading halt pending an announcement of a significant transaction!!

RHI's sole interest is in the API joint venture so I will lay odds it is about that. Seems an amazing coincidence that the Baosteel transaction has just been closed with extra $285m in the kitty and then we see this. It would be a perfectly logical development for AQA to make a bid for RHI in my opinion. As I stated in a previous post, the terms of the JV agreement between RHI and API are very favourable to RHI in my opinion. In addition it has been estimated that 80% of the iron ore to be delivered in stage 1 of the West Pilbara Iron Ore JV is to come from RHI tenements. AQA already owns 20% (but so does AMCI). RHI directors and management own around 24%.

Watch this space! Trading halt to end Wednesday at latest.

regards
DF