cheese and whine, page-17

At current share prices RWD gives basically the same exposure to the Karinga JV, the market caps are about 27m versus 24m. Outside the JV, RWD has two potentially world class proven resources, RUM just drilled dusters on its copper exploration and is spruiking a bit of a dog of a phosphate project. I know where I'd prefer to get my exposure to this JV.

If you look at the two tenements making up the JV, the Western tenement which was RWD's contribution has by far the better looking lake system, more lake surface area, a much greater cluster of lakes and higher grades from sampling. RWD held the tenement for a few years so you have to imagine Ruane doesn't think a lot of the potential, or at least not compared to LM and LD.