quietly building a sizable stake, page-20

I have been watching IVA closely because of the Ian Plimer link with a UK listed explorer operating in Saudi (Kefi Minerals).

What I have noticed is that IVA boasts a pretty heavyweight (Rio) board for a relatively small company. Rio's diluted interest is about 30% (although it has control) and $100m is relatively small beer to that giant.

Rio is pouring a lot of money into Cu (Oyu Tolgoi) via IVA's parent.

It will be interesting to see what is said on Wednesday. In particular, it will be interesting to see whether Rio is underwriting the issue. I don't suggest that Rio is looking for "a cheap way in" - it's too big to play little games like that - but it will show support and Rio probably has a better view of the value of the company than anyone else.

Ines is not only ex Rio copper herself but also is one of the few "foreigners" to have mined in Saudi (Citidel Resource - formerly ASX listed as well).

Probably nothing in it but just intriguing.