Ann: Tujuh Bukit - Porphyry Copper-Gold Resource , page-24

re: Ann: Tujuh Bukit - Porphyry Copper-Gold R... BW's post shows the Vale txn was non binding so unlikely there would be a SA at all. I agree if there was it would have to have been dislcosed. Independent of when it expires a SA is market sensitive in that it speaks to intent and corporate interest.

Vale's rights to TB were via agreement with IAU, which all fell apart and Vale walked with nothing. So Vale had no rights and no share in either IAU or TB when it walked then there is no need for a SA. There is no holding to agree not to increase, and a SA for a company that has no holding in either the asset or holding company makes no sense at all (you'd be mad not to take at least 5% on the cheap of the target before you had to lodge Substantial s/holder notice). Its would have been a constraining agreement that achieved no practical purpose for the larger of the two, who had all the balance sheet and IAU was trading at 20 cents and had a few mil in the bank.

Grasping at unlikely straws to try and make a SA make sense - Vale may have been horsetrading with other rights IAU had at time - was there any Vale involvement in Calypso? I just cant see why Vale (that could have, and still can) swollow IAU without blinking would agree to or see value in a standstill - over a company whose primary interest was in an asset they walked from....

I think this holds for the other majors whose names have been mentioned. Only reason for them to sign a SA not to touch IAU would be to trade IAU Board support for a future bid after an agreed amount of time (still not sure either party would really go for it and still believe that would have to be disclosed to the market); but the statement was plural (SA's) and you could only sign one of these kind of agreements.


I think AFR may have it wrong and could be talking about confidentiality agreements relating to site visits, partnerships and other sensitive corporate activity - which I can see sense in management not disclosing if there will be uniformed trade taking place off the back of it. We've always know BG has a lot of interest but he correctly has played those cards close to his chest for a long time.