This is correct. Vale does not earn any equity with this first...

This is correct. Vale does not earn any equity with this first tranche. Upon agreeing to stage 2 and agreeing to spend up to $120M USD, they earn 30% equity. They do not earn 75% until they have paid the $120M USD or accelerate the DTM.
This values CLE at the last CR of 1.6 cents plus the new money c2.6 cents plus the value before the CR of 2 cents IE 6.2 cents at the new SOI of c1.1B.
Or $68M MC. As the $18M USD is expended there should be value added or in the case of bad news value decreased.
With the decision to commence stage 2, Vale values the share value at 7 cents. This will be 7 cents for the roughly 1.5B shares that would be on offer.
Or a MC of $105M BEFORE they spend another cent. This is also now before the $18M USD is spent and any additional value is added.
The decision to go to stage has the intrinsic value that Vale is not stupid and are leaders in the market. $18M USD may be chump change but $120M USD has to be accounted for.