well well well, page-51

TraderP,

I think your maths is a little suspect: where Xstrata had 50% of the project before, they now have 15% of AVB which is a bigger entity than the project and so not the same thing.

True, AVB will bear the exploration costs, however, AVB will accrue a far greater relative advantage from any finds.

Tricky bit will be developing this project without further capital raisings.. I expect they will put this project on the back burner for a while until the Vale money has come through and other advanced exploration projects have resulted in a stronger SP

BT