Sorry don't follow your logic there.
Firstly they are not providing the loan, but are organising a loan for MLB.
The loan will be repaid by the JV, which I think is what you were saying.
Look at it this way.
They pay $130m to MLB, we each own 50% of MLB
MLB needs to pay $194m for the capex
$64m of that capex is provided by a loan to the JV
The $130m shortfall is provided by the partners, $65m each (50/50)
So although Ganfeng has pitched in $130m, what they have effectively done is pay our $65m share of the capex + their own $65m share.
No different to them saying we'll pay you $65m for 50% of Goulamina, on the proviso you allocate that $65m to the capex, we'll pitch in the same $65m and also organise a $64m loan for the JV.
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