I suspect they will need to demonstrate they have the funding for their share. To do that they will either:
1. Need to come to an arrangement with POSCO and do some kind of deal that obviates the need for a cash injection into the deal by PLS; or
2. PLS find a partner to acquire a share of the PLS mining project (not a share of PLS) that would provide the funding for both the POSCO JV as well as funding to develop stage 2 the output of which is required to provide the SPOD for POSCO.
That is my understanding. Would welcome other views.
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