Ann: Carajas Activities Update , page-8

Interesting that they have entered into jv negotiations on the nickel.

This could be because they don't want to spend anymore money on it and are happy to share any upside with the jv partner. I think this is a good thing as cash is king and the copper side of things have a higher priority.

I don't know what the next catalyst for sp appreciation will be in the short to medium term.

Maybe it will be that Vale or Mirrabella is the jv partner.