options, page-92

"Hopefully we get closer to 40 million than the 10 million from Vale"


"Vale SA (NYSE: VALE, Stock Forum) expects to take a US$4.2 billion write-down in the value of its ferronickel operation in Brazil and a minority stake in aluminium producer, Norsk Hydro ASA.

The company said it will recognise impairments before tax of US$2.85 billion for Onça Puma and US$1.3 billion for its 22% Norsk stake in its December-quarter earnings report expected to be released in late February.

Issues with Onça Puma’s furnaces have kept them from operating since June 2012. Vale plans to rebuild one of them next year with start-up anticipated in the December quarter. This will cost US$188 million. The operation started production in March 2011.

Vale cited the “downward volatility” of aluminium prices and macroeconomic uncertainties about the European economy as reasons for the Norsk Hydro impairment."

Somehow I don't think shelling out 40 mil to AVb is high on their agenda...We cannot even get the 1 mil that is owed to us it seems