I'm not particularly worried about an apparent lack of diversification on this deal. Look at one of the key principles which will be reflected in any JV:
"PLS has the option to sell, or require Ganfeng to purchase, some or all of its JV interest at market value if events cause a material adverse impact, including events such as decision of a government or implementation of change of law as a consequence of Ganfeng being an entity registered or controlled by the People's Republic of China."
Ganfeng have similar protections if Australia pulls a swifty on China.
Ganfeng have also agreed to sell down their JV interest to fit in with the IRA in the first 5yrs if it becomes an issue. They also haven't decided on a location, and Australia is in the mix.
Nice deal
Ann: Downstream Partnering Outcome - Study commences with Ganfeng, page-35
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