Ann: Option Secured To Acquire Nickel Sulphide Project From Vale, page-84

We have developed a strong working relationship with Vale through the negotiation process and to beable to secure this opportunity from them is testament to Vale’s strong belief in the mutual benefits thatcan be realised under their recently rolled out ‘mini-mines’ model for base metals


I like this part in the announcement
My opinion only is that this may turn into a "Subcontractor" arrangement .Vale controlling the smaller players by letting them build up assets in a slow and controlled way .
The Brazilian government dont want mining companies going crazy across Brazil , so to keep it on a leash , they use Vale as their big dog to control the rest of the pack.
To me its a win/win .We dont have the cash to mine and process copper .Vale do.So we lose some Gold .Gold goes up and down all over the place and takes time to get a CIL plant built and commissioned.
Nickel can be processed elsewhere as the demand will be strong.The future demand for nickel looks great. A potential off-take by Vale is a win for them. Buy at the gate on an agreed price , on sell to processors as they have the infrastructure to ship it wherever .

What do we as CTM have ? Some tenements and dirt in the ground.A future with the big dog bodes well for a shovel ready Iron ore lease also.The big dog gets the smaller dog to dig it up and supply them at set prices and we bag up .They process it and ship on spot prices .Everyone , including the Brazilian government win in that case.No new major processing plants or environmental mishaps ?
My opinion only , yet to me its a win.The market doesn't see the long term value I reckon.