RE:RE:RE:RE:RE:RE:Rio Tinto I think what he meant was that at the time of the deal the market cap of WRN relative to the NPV from the PEA is 0.2x. The final deal will be done at a much higher multiple which will depend upon a lot of other factors, inclduing whether other companies will put in bids. If Rio was allowed to own 19.9% of WRN, it would scare away other bidders. By limiting Rio's ownership, WRN's management is in control.