Looks like we're going through the motions, page-26

Vale had to be involved early last year when they had to be involved regarding the pelletizing. The getting of JV partners was not to happen until al the samples had be pelletized and sent to possible JV partners. Vale had full knowledge of the project and what was up for grabs. So did their competitors. Once their competitors started to get access to the data room, Vale had to move to keep their opposition out of the picture. They did this by giving the MOU. It kicks everyone else out of the data room. I will bet London to a brick that those who were in the data room have copies of what was in the data room.

The resource is unique and valuable. If Vale falters one inch they will lose the asset. And one of their opposition will swoop. Will Vale do a deal? They do not have to do a deal. But they do have to do a deal. The resource answers the issues they have for their future direction.