CLE - Shaping Up To Be The Next Fortescue Metals Group., page-241

I think this is a much more realistic expectation. I don't think the additional expansion of the resource is going to do much to the economics other than sure up the resource to indicated/measured. The limitation in the project is the logistics and how much volume can be processed. This 25% of $3bn would be a free carry loan by Vale for CLE Capex requirements to get the project into production. It might happen, but why would Vale spend billions for CLE to keep 25% when they can buy you out for a fraction of it?