Only time will tell. I have talked to both Paul and Tony on this point. From those talks I can see that there is a sellout point. Be that with a a tail or not remains to be seen. But all parties know the true value of the deposit. Vale has structured the agreement to reflect the potential buyout figure hence the funding package should DTM be forthcoming. They have already recognized that they may run into issues should they have to buy CLE out and fund development.
As to an earlier buyout, it may seem that it will be in Vale's interest to do so, they would pay more and carry more risk earlier. Vale has a good deal now. One that gave incentive to invest. They get 75% at about 7 cents a share. Cheap early but dearer later. PB knows what he is doing.
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