Far East Capital update to clients.RIO’s Pilbara copper mystery...

Far East Capital update to clients.

RIO’s Pilbara copper mystery could be a win for WWISpeculators love intrigue and mystery, and RIO is providingthem with rumours of something big in the Patersonprovince of the East Pilbara. RIO has assembled a 40-50person camp, it has lodged an application to build anairstrip, which could cost $10m, and it has pegged over10,000 km2 between Port Hedland and Broome. Copper isthe commodity that seems to be generating the excitementbut RIO is not saying much. There has been increasedinterest in Antipa, which has a JV with RIO in the area, andSipa, but look at the tenement map below, showing thatRIO has applied for ground on three sides of a tenementapplication held by West Wits (WWI). Interesting.West Wits (WWI) went chasing the Pilbara gold play a yearago with a deal on this block, but as it turned out theexcitement for that play fizzled out only a few weeks later.The only winners out of the deal so far seem to be thebrokers to the deal and these guys seem to have beenconsistent sellers of late. Maybe they have sold too soon.There has been no work done on the WWI ground over thelast year as the application has been going through theNative Title process, but there are no competingapplications to worry about. It could be a lucky example ofbeing in the right place at the right time for WWI, but timewill tell.