Very Interesting. MIN would be able to seriously value add by...

Very Interesting. MIN would be able to seriously value add by taking out IOH. They could combine the Buckland resource and fast track 20 Mtpa from this and the AQA stage 1 deposits through a closer port to get quick cash-flow for their rail. Having two infrastructure solutions, one of which is closer and private, also significantly de-risks development of a major project in the West Pilbara. They also claim profits from Iron Valley increasing cashflow.
The pre-existing business relationship is key. MIN and IOH will have a confidentiality agreement over Buckland and will have been talking options for a long time in my opinion. Maybe they already have an agreed plan if an AQA bid is successful.
If MIN is having a play at AQA it will be interesting to see how they structure it. A large proportion may be script due to the relative size of the target leaving a significant cash pile at the end. How they manage to work things out with AMCI will also be interesting.
Despite the outlook for iron ore I think there could be some good times ahead for IOH holders.