Ann: NCZ GRANTED EXCLUSIVITY FOR POTENTIAL ACQUISITION OF GORO, page-21

I understand peoples inclination to look at this as an apples and apples deal but my take on the deal is that the proposed operation will be substantially different to the Vale operation. NCZ will decommission the smelter and focus on sulphate. The smelter and it's operation caused Vale a lot of grief and its understandable that people are concerned but when you remove it from the equation, it's a completely different result. It will be much less risky and will have the governments support.

Also, I doubt IGO are simply taking a backseat in this. I found in unusual that their name wasn't a greater part of the release but to think that they'll just ride along as SH in NCZ and secure some offtakes is laughable. Nickel and cobalt is their game so how and when they reveal their intentions should be interesting.