iron ore update, page-20

this must be the first ann since the original high-grade copper results were announced where there is universal agreement by HC posters that it's good news! very hard for the serial downrampers to put a negative spin on this one ...

imo looks like a fairly good chance of getting the $40M which, based on 950M shares (fully-diluted), suggests a 4.2cps bonanza. that's about 50% of current market cap! (not sure about % of EV as i don't know current cash/debt figures?).

not sure about attractiveness of whole of avb to vale? you may be able to mount a value proposition for buying the whole of avb for $100M to $150M versus $40M for just for T/N iron ore. but i think that vale would have to see more value in other avb prospects to justify all the red-tape and general brazillian hassle of a full-on takeover. much easier just to fork out $40M cash for T/N ...

k