I checked the annual reports of Vale and it looks like they are primarily focussed on Iron ore. 80% of their revenue and over 90% of their profits come from ferrous minerals and nickel is only 8% of their business, so probably that's why made the decision not to develop this project any further.
They sold Jaguar in 2020 for $10.3m with a JORC of 40.4m at 0.78%, which was 315kt contained nickel at the time. CTM basically bought this project for pennies and doubled the resource and increase the Ni grade by 15% in less than 2 years.
According to the latest scoping study, Vale and CTM do have a Sale and Purchase Agreement (SPA), wherby Vale have the first right to up to 100% of offtake priced on arm's length basis. Looks like it's a win-win situation for both parties?
Ann: Jaguar Drill Results Highlight Exceptional Growth Outlook, page-26
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Last
44.0¢ |
Change
0.015(3.53%) |
Mkt cap ! $218.3M | |||
| Open | High | Low | Value | Volume |
| 42.5¢ | 46.0¢ | 42.5¢ | $220.2K | 499.3K |
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| No. | Vol. | Price($) |
|---|---|---|
| 2 | 14600 | 42.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 44.0¢ | 6987 | 2 |
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