I don't think a takeover of CIA is likely. However, an offer...

I don't think a takeover of CIA is likely. However, an offer from Vale to buy the project after spending their US$18M and getting 30%, because is they offered $250M to $500M at that stage, it could be a lot cheaper than having to spend US$120M to get the next 45% (75% in total) and then pay "market value" for the remaining 25% when making a decision to mine. But I don't think that offer will come until Vale get in there and spend some money and know what they are buying - but it could come in three to six months (hence my question above about the plan and timing on spending the US$18M).