Ann: Havilah Secures Funding of up to $100M from GFG Alliance, page-166

in my view @capitalcity we will never get the opportunity to have that question answered as I suspect GFG will own 100% of the project by that time..... for peanuts. Otherwise they could be held to account by the HAV minority shareholders of the time. If they are still majority shareholders though (to answer your question) there will be more value in them paying less for the iron ore as I would not think they have bought into HAV to sell out, so a future HAV share price will be largely irrelevant to them. They are buying HAV for supply and a cost of product close to cost.