Ann: Salobo West Exploration Licence Granted in Carajas Province, page-35

Game changer alright !

Multi $Bn project just 10km away. I am amazed we didn't hammer past 1c on this news

https://www.google.com.au/amp/s/www...06/17/a-closer-look-at-vales-salobo-mine/amp/

"The Salobo copper mine is perhaps Vale’s most valuable base metal mining asset, which not only accounts for the bulk of the company’s copper ore reserves, but is also a source of additional revenues for the company through Vale’s streaming agreement with Silver Wheaton for the gold by-product produced at the mine."

"the Salobo mine is also the subject of a precious metal streaming agreement between Vale and Silver Wheaton. In 2013, Silver Wheaton entered into an agreement with Vale to purchase 25% of the life of mine gold production from the Salobo mine. Silver Wheaton made an upfront cash payment of $1.33 billion in order to secure rights to the streaming agreement.Earlier on in 2015, Silver Wheaton acquired rights to purchase an additional 25% of the life of mine gold production for an additional $900 million.Under the terms of the streaming deal, Silver Wheaton pays Vale the lesser of the prevailing market price or $400 for each ounce of gold purchased, subject to a 1% annual inflation adjustment starting in 2016."

"Salobo copper mine represents the largest copper deposit ever found in Brazil. The Salobo mine accounts for roughly 80% of Vale’s proven and probable copper reserves of approximately 1.45 billion tons."