takeover, page-32

I think only a tool will not accept the offer.

Shanxi won't need to get over 90% of the company.

Look at the NGF structure. Zijin controlled 89.5% of NGF after the takeover completed, no compulsory takeover happened.

But look at the share price, gold prices fell, NGF shares fell. But that doesn't mean NGF is a bad company. NGF in fact has performed operationally alot better than it was before Zijin was the majority holder. But unfortunately for gold prices to fall off the cliff, NGF's share price like all gold miners followed.

This will be a similar scenario, if companies like OZL or SOL will not try and counter-bid Shanxi for IVA. Then Rio will hand over their 56.5% stake in IVA to Shanxi, some holders will follow.

Assumed Shanxi secures 80% of IVA by the end of the takeover offer. The only ones will suffer will be holders that didn't accept as the result will be a illiquid stock with low trading volumes and if copper prices fall, good luck trying to sell on-market after the takeover ends with Shanxi controlling the company here.

For us holders, there is not much we can do, as the ball is in Rio's court and the only hope you can get will be to hope for companies like SOL or OZL to come in and counter-bid.