You have to wonder with Z1,Z2,Z3,Z4 and the size, why are they even bothering looking wasting money drilling at areas they were struggling with before this massive discovery. And the timing of the announcement? Did they already have that waiting for the opportune time to let RIO know?
It is looking more like "We as EXT board and representing all shareholders know you RIO wants a big piece of the ore to justify RS existence and to fulfill your existing contractual agreements with your consumers and that it makes sense to jv rather than keep going to the spot market to make up for shortfall due to grades. And we want a fair and good outcome and want a valuation not based on the long term 50 period moving average that you are using as valuation metrics because we have a queue of new consumers looking for additional production" scenario. Is that a fair reason?
EXT Price at posting:
$9.30 Sentiment: LT Buy Disclosure: Held
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