Ann: Divestment of Kalgoorlie Assets, page-4

Any merger will be as equitable as possible. If anything there was some concern that any deal would be heavily skewed in favour of MKO given MR's much bigger exposure to MKO. Unfounded imo, and somewhat addressed by today's CoDI notice for EAR.

If I had to guess at what will transpire, given where the companies are currently, I'd wager on a TKO of MKO based on fair value (not replacement value) of plant. Seems the cleanest option.

Cdchi1