Ann: Investor Presentation - Sibanye-Stillwater Investment, page-155

Wowww some people really get confused by numbers don't they.

Firstly your currency point - US$490, AU$670. Same thing mate. I was responding to your comment that your "adviser" said they sold a 50% stake for US$490 but lets work in AU$ for now to avoid confusion.

You said:

sold 50% for A$670m
implies total val of project of A$1.34b
before yesterday mkt cap was A1.4b,
and at cob yesterday $1.14b

They did not sell 50% for $A670m
They contributed 100% of the project to the JV and the JV partner contributed $670m. That does not imply a value of $1.34b, it implies that the pre JV value of the project was $670m as that matches the JV partners contribution, and the post JV value of INR as being $1.005b comprised of $670m + 50% of the cash value which is $335m.

I'll simply this for you again as you didn't understand the first time.

We open a joint bank account (JVco)
You put in $1m (the project)
I'll put in $500k (50% of your $1m)
We both agree to a 50:50 split
Are you happy with this deal? Of course not