mcmahon is confusing me, page-7

MinRes and Cliffs are the obvious two

no secret that MIN wants to expand Kwinana capacity to 10mtpa via Berth 5 (which was not mentioned in the announcement so could still be up for grabs) so CAZ would be a great bolt on acquisition, same with Cliffs who are looking to increase their capacity through Esperence

if they got CAZ for 50c per share fair chance they would get their money back anyway assuming WFE buy out CAZs interest in the Hammersley project, so essentially getting Parker Range for free

this could also be NMs motivation for buying more in order to block a cheap offer, although he essentially has a blocking stake as it is, the share register is a disaster and a bid at 50c would more than likely go through