Serena - You are correct that ANS "needs a real project" - but...

Serena - You are correct that ANS "needs a real project" - but ANS has already has lots of options to build value in the Midwest - both Oakajee linked and separate to Oakajee.  China has invested billions in the MidWest and will stay the journey and will deliver an infrastructure solution. ANS looking outside the MidWest is as much about current Australia China political issues and opportunism at Sundance being on its knees as it is about the need for a project.

The value in ANS is in its people as much as its assets.  People drive growth and vision. People have relationships that unlock funding. ANS has clearly had the $100m planned long before the Sundance approach was received.

That said - Mbalam is a great project - but is also messy and complex and needs someone who can put together the Chinese syndicate fundamental to securing success.  That has eluded Sundance for ever.  If ANS' Chairman, Ding, can unlock these connections - and Sundance wouldn't have agreed to sell control if they didn't believe that - then Mbalam will progress and its shareholders - especially ANS as its controlling shareholder - will get premium returns.