CogsI would have thought the option is just that - an option -...

Cogs

I would have thought the option is just that - an option - even though it is chump change to Vale, why spend $40m now when 600k banks the resource for another year if you aren't in any hurry to bring it into production - Vale are hardy starved of opportunities or resource - the AVB Option locks down the land should they want when the option expires. If another company buys AVB then the option still stands - Vales option cant be cancelled by AVB.

Its $40m now or $40m in 2 years - which is worth more to Vale?

I think we are dependent on the other projects to drive a serious return on this stock.

Cheers
Si