I totally agree with you @MrAu - VMC has been 'outfoxed' by RXL but I'm not sure even VMC realize by how much!! The VMC directors are no doubt sitting back with smug smiles on their faces wondering how to spend the current bounty in the bank account but one thing's for sure, it won't be seen by the SHs.
Alex must have laughed when VMC chose to take the secured loan rather than continuing to pay to hold their 30% holding in the project - they're going to have to pay or dilute one way or the other!! You may have noticed that RXL has ramped up its exploration program since that decision - the aim will be to make it too expensive for VMC to maintain their position. My prediction is that VMC will end up owning bugger all of the operation once RXL has finished - the only thing VMC likes to pay is their own overheads!
I initially doubted the wisdom of RXL's deal with VMC but now that I can see where Alex is going with it - it's very clever! But I doubt that VMC will care, they'll take credit for the success at Youanmi and light up another Cuban cigar, all while the SHs wonder why they even got involved?
RXL is the story at Youanmi - VMC is the poor cousin.
