Ann: Offer to acquire Reward Zinc JV Interest,RXL-IMI.AX, page-35

I'm just an interested observer and whilst at first I was like WTF, the deal whilst confusing, seems to stake up.

Can't see the ASX having an issue with it either. The recapitalised IMI at 20% and the likely diversification of new shareholders should do the trick.

I agree the price could result in Teck getting the remaining 30% relatively cheaply, should they take bait, but everyone needs to remember:

* teck aren't exactly basking in money right now, they aren't broke either, but they have a pretty big oil sands commitment.

* whilst this deposit is quality, it ain't shallow and whilst tech will likely get it into production, it would like be a half billion + capex. What would RXLs proportion by first ore?

* When would it get into production, 2020 Anthe earliest? Surely $15M in the hand is worth more to RXL holders than $25M in 2025?

If anyone wants to capitulate and sell me their shares at 1.5c I will gladly pick them up.