The AVZ transaction was for the Chinese company to buy EQUITY in the company. PMY does not need that. When we talk about an off-take agreement we mean that the Chinese partner (or others) agree to buy our PRODUCT. This is an EXPORT sale. This is entirely different to equity investments requiring FIRB approval.
As to the 25% JV interest of the Chinese this is an historical interest that cannot be disturbed and more over it is the sharing of costs and the output of Sorby, not an interest in any equity.
V
Interesting Times Ahead, page-4
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