significance of the directors buying, page-44

I agree Copper and assume Vale will likely just pay the option but the main issue is red tape issues with their expansion plans.
They would know general delays in permits so this may be a reason to take it out early but we will know very soon.


http://www.ft.com/intl/cms/s/0/ec633586-c073-11e1-982d-00144feabdc0.html#axzz20O9E1BQE

To acquire environmental licences was one of the biggest hurdles for companies operating in Brazil and not only in preservation areas such as Brazil’s Amazonian state of Pará where Carajás was located, said Jefferson Finch, an analyst at Eurasia Group.
“Getting any type of environmental licence in Brazil can be a nightmare,” he said. He added that the biggest challenge for companies was to overcome the bureaucracy involved rather than to prove the green credentials of the project itself.
“It’s often unclear as to which specific institution has the final say ?.?.?.?there are often conflicts between the municipal and state levels,” he added.
Serra Sul will also require an installation licence and operational approval, but it is scheduled to start running in the second half of 2016.