FIRB approval will not effect the Iron Ore side of things, now that they have raised the funds work will commence.
Would expect the Company to start making moves on site contruction etc in the very near future.
I hope that Hanglong can get approval and that all parties agree on an outcome. By best guess is that FIRB will ask for a reduced holding, then we will see if Hanglong are keen to get in or walk away. Lynas were in the same position and their Chinese backer walked when FIRB wanted a reduced holding. Each case is judged on its merits so its a waiting game, but I am confident of a agreement, Hanglong would be aware of what FIRB requirements are so perhaps they are just trying to get the best deal for themselves.
Mol board will also be aware of the situation, they just have to put their best case forward and cross fingers.
MOL Price at posting:
86.5¢ Sentiment: None Disclosure: Held
