The major shareholders hold around 75 % of the company , so that...

The major shareholders hold around 75 % of the company , so that is a hindrance in any takeover ,but of course if the offer is good enough then they would be swayed!!.
the need to make clear what is going to happen at Koolan island is clear!
This is pivotal to the companies future and should see a rerating in the SP IMO. Either way ,the company wont have to pay 100m if it doesn't go ahead with the seawall , and if it does build the wall ,well theres roughly 35mt of IO down there .Do the Maths!!
Main advantages are, they own it, they know the lie of the land ,the gear is all there ,the price of IO has risen , my guess is the rebuild will go ahead.
Its also possible that the funds from the new mine ,IRON Hill, could be pushed into Koolan over a period of 18 months , thus the current cash would not have to be touched .
The board is obsessed with keeping a large cash buffer , which to be fair probably saved them during the IO downturn and the seawall failure. Things go wrong in mining as we've all seen in the past.
The BI insurance is odd in that a company that wasn't so well off would have gone broke waiting for BI to kick in.Surely that is the purpose for BI , to keep the company going. in this case it doesn't matter but what if it did!!