Vale has been burnt before. They do not have to do a deal. CLE does have to do a deal. When CLE started looking at having to pelletize the product, they had to talk with Vale as the leader in the field. Vale do have to lock up more high grade material. They also have immediate demand for the resource. When they sighed the MOU, there were other companies already in the data room.
CLE - Shaping Up To Be The Next Fortescue Metals Group., page-8
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