Yes, which then begs the question - why would Xstrata keep...

Yes, which then begs the question - why would Xstrata keep buying up large when they will have to negotiate a 51% buyout - does it mean that they can buy up the difference at an agreed price? If so, it would make sense for the spending spree.

If not, perhaphs someone else is buying up to place stingy Xstrata under some pressure. URL management are unable to carry any influence it appears - how much better would it be from say Paladin or the likes to stick it to Xstrata - and note to them that they know they need the feed for there plant - then sit and wait until Xstrata make their move - only to have Xstrata pay 5-6 times the price for the 51% share that they would require to get hold of the Roesby ore? Furthermore, Xstrata would be under big pressure since the likes of a Paladin could threaten to build a plant and process the ore - unlike useless URL management, these guys could afford and plant and have the expertise to do something!