RE:RE:RE:RE:RE:The #1 consideration before investing in miners....Arrow - complete ignorance into how negotiations work. In your scenario, Rio only hears $4.80, WRN only hears $16. Chance of a deal getting done is vanishingly small.
No, if anything, WRN would've said something akin to "we're asking X% of the NPV per FS" OR "we're asking X cents/lb of CuEq"
And then Rio does its DD (as they're doing now) and will come back either accepting the price tag, or with a counteroffer, and the negotiations start in earnest.