imo Vale are only interested in the IO (for now, everything else is yet to be proven). The fact that they are drilling hard so early indicates that they want to be sure asap. If it's good buy it now, if bad flip it quick.
Right now they are dealing with Avanco but if they drag out the process for the three years as per the arrangement they could be dealing with another Co. Xstrata maybe or maybe something left field out of china and that changes everything.
If Vale like what they find I'd expect the deal to be finalised this year whch of course means $$$$ for us
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