Trading day running commentary, page-3861

Absolutely it’s the prize and your comments have insight. Vale have, since the beginning, been the puppet masters here and that’s ok - they only position players like ctm if they see talent and potential. Infra wise again you are correct - Vale control freight transport within Brazil, that’s rail too and stand to profit enormously delivering product from Jaguar to port - they’ll most likely build the mine aswell. And I think the way they are restructuring their base metals business (that’s nickel and copper) right now by selling off a big chunk to possibly GM, Matsui and others fits the thesis that they won’t be repurchasing Jag anytime soon.
Makes sense outsourcing mineralogy development to capable operators with zero risk and then creaming profits from in country leverage.