First off, I appreciate and understand your response:
The last FS is historical because of this comment on page 36 of the PEA: The 2011 feasibility study and all prior feasibility studies are historical. The study reports, mineral resources and economic assessment previously disclosed by the Company are no longer current and should no longer be relied upon.
Unfortunately, there is nothing in the company's disclosure to support what you say. That is, while companies often say things off the record verbally, they're much more cognizant of what they put in print. There's nothing in the last quarterly or annual reports before the Rio deal to suggest a revised study was close.
Further, Rio's initial insistence on completing a FS suggests they were starting afresh, from their own perspective, starting with new resource and reserve estimates. There is nothing as of today to suggest that plan has changed.
Having said all that, I feel your pain. Turning an $800m expenditure into a $50m (or thereabouts) initial contribution to the JV is a massive haircut.
DrU