Ann: Quarterly Activities Report and Appendix 5B, page-30

From memory their portion of ARU was 19.5% only a year ago and they didn’t participate in subsequent CR, hence they’re down to 15% now. I found that interesting at the time because strategically I assumed they’d just keep topping up to maintain 20% or so or more? I’m thinking that america and Japan is pretty aware that china would love to buy ARU outright and at a market cap of $35m its just pocket change for them. 

I dont think the FRB will allow any more than 20% in this trading environment- I’m not an expert in this mind you. The fact that the federal government put ARU on a short list of mines they want to go ahead means they’re keeping a close eye on China and rightfully so.