My feeling is that the arrangement could be for AGY to fund 100% of the monies needed up to S3 with Puna not contributing a dime but surrendering that 12.5% to AGY upon S3 being funded.
Thats exactly what it's about , in return for providing the technology PA is free carried for 10% of a an eventual 12,000 tpa operation.. perfectly normal JV arrangement they both need each other to get anything done...
If it grows beyond 12,000tpa PA will be obliged to fund his 10% of costs.
PA doesn't own 22% of AGY in fact I dont know if he has an any , if so its very little.
Cheers Whisky
General Discussion AGY, page-4793
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