You can't flog a dead horse. The geology speaks lower grade as reversion to the mean. This means they cherry pick with lower strip ratios first and play for time.
Secondly they do not own the assets, the bond holders does.
Thirdly Chinese are financially helping Vale with S11d project. Cynicism should be pointed at the Chinese for helping to get additional tonnage to the market.
Fourthly if the stock sells down on such good report it usually mean the market expected more.
Today could be some mild short covering. There is a message there. Management will have to surprise the market with the next update.
FMG Price at posting:
$1.68 Sentiment: None Disclosure: Not Held
(20min delay)