significance of the directors buying, page-49

dhc I did not see it as a concern at all but would have to be taken into account by Vale with timing.

Vale's recent Environmental Permit was granted June as they had estimated and was the most important.
It is a known unknown but permits including the proceeding can be estimated fairly accurately considering the who-ha about approval delays.
It's all normal processes to those in Brazil.

AVB has their Trial Mining Permit so we are set for any DSO operation start up if TN/Vale deal comes in early.

http://www.4-traders.com/VALE-SA-6492836/news/Vale-SA-Brazil-s-Vale-Serra-Sul-Permit-Seen-Positive-By-Market-14391342/

"The preliminary license is considered the most critical as it tends to be the most difficult to obtain, said Espirito Santo Investment Bank in a report. The license was granted within the company's expected time frame of first-half 2012.

Vale will also require an installation license, expected to be granted in 12 months, which will allow the start of construction work, and an operational license, which will allow production to commence.

"The market has been awaiting the environmental license for several months and we see this announcement as positive for the company as we think it increases the likelihood that the project will start up on schedule (2nd half of 2016)" the bank said."