Hi@Dancing, maybe I haven't expressed myself correctly. I'm saying that if the JV partner purchases a 30% stake in the project, they own 30% of SDV. Therefore, they are responsible for 30% of costs and retain 30% of future profit. Is this what you disagree with?
It may not be clear as it's spread over a couple of posts, but what I am saying is that GXY would have to sell 30% of SDV for around USD$250m in order to have enough capital to fund their 70% of SDV's assumed total development costs (USD$400-450m). The JV partner would still be responsible for their 30% of this total figure, which would work out to be USD$120-$135m.
Therefore, using my assumptions, over the period of development all the way through to completion of stage 3, a JV partner would be required to contribute somewhere in the order of USD$370-$385m. Again these numbers are just my opinion, happy to be corrected.
I don't think that offers will be made as a percentage of existing NPV, even at a discount. The last DFS update (15 May 2018) valued SDV at US$1.48b at an 8% discount rate. This figure is no longer even close to being relevant. GXY are working on a "refreshed" DFS, which is due to be released around May 20. Even so, potential suitors will come up with their own valuation for SDV, independent of the existing or refreshed DFS.
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