Been digging a bit deeper into the Wim players projects now there's movement at the station. You are correct they haven't negotiated any access agreement with effected landowners yet, but that is only a formality once mine approvals are granted by the government. Government owns the minerals, mining company is only obliged to pay compensation to the landowner. Money talks, almost 100% of the time miners do a sweetheart deal paying well over land value to purchase effected properties with the landowners receiving a call option to buy it back when the mining and rehab has finished for $1, whenever that is.
Below taken from Minerals Exploration and Mining in Victoria:Landholder Information Booklet. Land purchase isn;t cheap, but it's low relative to overall capex and in this part of Victoria a big win for landowners. Mining Permits are much harder to get, and ATR already have their mining permit locked in for Donald... Other than the illiquid and opaque share holding/governance of ATR, I see no reason for the MC difference. Critical question for investors is whether VHM is over-valued relative to ATR or vice verca?
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