Totally agree — the scale and grade of this deposit are world-class, and green steel timing couldn’t be better. But fair value and market value rarely align in early stages. If CLE stays rangebound due to sentiment or overhang, Vale’s best play isn’t waiting — it’s striking early while the market still discounts illiquidity & Sage’s presence. A 15c offer may look light on paper, but if it secures full ownership before the PFS rerate, it’s strategic, not cheap. The board may aim for 50c+, but timing is everything in acquisitions.
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