stock price doubles on ann, page-5

1. ARH owns 50% of international minerals which owns 2Bt, so ARH still own 1 Bt (NOT 2 Bt). Mineralogy owns 50% of international minerals (= 1Bt). When come to JV partner, JV may get shares in ARH (NOT Mineralogy nor International Minerals), so still get 1 Bt.

2. It is the RATE of return per annual that matters the most. 1Bt may take 30yrs to finish, 2Bt 60yrs, if you are CEO of Chinese JV partner, who cares what happen from 30 to 60 yrs time. If you put billions of $$$ CAPEX, you want get fast return to pay for debt interest (i.e. ROI return on investment) to keep their holders happy. Look at CITIC's ROI, how are they going with debt?

Bank A gives 6% interest for 60yrs (ROI 6%), Bank B gives 20% interest for 10yrs (ROI 20%), I would pick Bank B.

3. CAPEX about $3B+ (International Minerals), so Mineralogy should pay 50%, ARH (via JV partner) pays for 50%. Is Mineralogy looking for free-carry (i.e. won't contribute 50% of CAPEX) & get royalty fees?

4. A few years ago I already said about CP's reputation in China, mainly because of CITIC cost over-run

And a few yrs ago I said he loves law sues... how many court cases he got?

5. Last share issued to CP was barely past by ARH shareholders... lots of ARH holders voted against share issue even thought knowing without CP's money, 1Bt will return back to Mineralogy & ARH holders get nothing.

Now issuing at 15% discount at even lower price... will ARH holders get to vote?

6. A few yrs ago, I said CP's billionaire status is questionable... now Fortune mag put him $750m.

7. IM appoints rating agency. "Several agencies have Fortescue (FMG) rated just below investment grade, with Fitch awarding a BB+ while Standard & Poor's a BB-".

Will ARH gets good rating? AAA? If bad rating, ARH will have to pay massive interest rate to sell corp bond.

Just IMO, your money your shares... As I said before, it is not down-ramping.