Seems to be a hint in the letter that they will not be focused on Gippsland, in the outlook. I think money is too difficult to come by to be handing over $8m. Also, if I'm not mistaken, mineral sands don't have the same shiny outlook that they had when that option was written, based on the SP of ILU since then.
Seems sensible to me!
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hint in letter
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