MIN AQA IOH, page-11

OK - MIN market cap $1,800mill - has 12.78% of AQA.
AQA market cap $1,457mill had hostile bid from Baosteel market cap $xBns
AQA has 50% of the West Pilbara Iron Ore project (WPIOP) and POSCO and U.S. based investor AMCI also have stakes.
http://www.aquilaresources.com.au/go/projects/west-pilbara-iron-ore
"China's Baosteel Readies Bid for Aussie Mining Firm" - 5 May 14
http://online.wsj.com/news/articles/SB10001424052702303417104579542444201574178
China's Baosteel Faces Potential Rival for Australian Miner Aquila - 11 Jun 14
http://www.nasdaq.com/article/china...r-aquila--update-20140611-00095#ixzz34ScEW98W
The article mentions - "...whether Mineral Resources is planning its own takeover move on Aquila with an as-yet-undisclosed ally." Which I am sure some of us wondered yesterday.
Baosteel had Revenue US$ 21.7 billion (2009) -
Profit 2012 ~US$1.6Bn - not so vast
http://www.baosteel.com/group_en/contents/2880/39991.html
Then little IOH has market cap $0.15Bill - but IOH has permits for road freight to Cape Preston East Port at Buckland.
So a question might be what value to AQA and the WPIOP could there be in using IOH freight route on a toll basis while they organize the rail freight they plan on.

Google this in The Australia - Move sets up a David vs Goliath battle -
Mineral Resources aims to build iron ore project after Aquila stake buy - 12 Jun 14
http://www.reuters.com/article/2014/06/12/aquila-rsc-baosteel-mineral-rsc-idUSL4N0OT0C220140612

MIN has certainly stepped into the big-boys ring.
94c for IOH looks a trifle parsimonious. - IMHO