the bdo report, page-5

I got out as soon as I heard Hanlong wanted 51%

Having spent a year living in China, (and loving it) I have to say that, as much as I like them, from what I observed and experienced in my dealings with them, the adage, 'beware of a Chinese man bearing gifts' very much applies. Any deal the Chinese do, particularly one like this where they are 'doing us a favour' is in their interests only.

Words like synergy and cooperation and notions of 'win/win' are not their idea of a good time.

Added to this, the Chinese have a very long term strategic view, and at the moment they are trying to convert a lot of their foreign reserves into assets, particularly resource assets - as such, they are just as likely to buy up a resource base like this without any interest in developing it 'just yet' - and their 'just yet' can be decades - until they need it.

So in the light of all that, the 51% deal is too dangerous for me - With that kind of control I do not think they have the 49% of the other shareholders interests at heart.

Has this FIRB approval yet?