WHERE ARE WE AT ...., page-12

Not quite right

Ganfeng own 55% of MLBV, Leo own 45% of MLBV (the JV holding company)

When the Mali Government get their free carried 10%, MLBV will own 90% of LMSA (Goulamina)
Ganfeng own 55% of 90% = 49.5%
Leo own 45% of 90% = 40.5%

If the Government elects to purchase the extra 10% reducing MLBV to 80% again it will reduce Ganfeng's holding more than Leo's because they own a bigger share of MLBV. Any attempt by the Government to increase their ownership has a bigger effect on Ganfeng than us, which is why the Government needs to be very careful with how they treat this Chinese investment.

Although 1% doesn't sound like much, when you consider the billions of profit - it becomes significant.