Puna Mining is majority owned by AGY, and that's an important distinction when compared to "part owned".
As you mentioned, nothing prevents an AGY takeover, hostile or otherwise. Since Pablo is a minority partner of the Puna JV, an acquirer wouldn’t need his consent. Acquiring AGY would most certainly provide access to the project/technology, as the acquirer would become the majority owner of the Rincon Project and all of it's assets, IP, etc. In that scenario, Pablo could either continue fulfilling his JV obligations and develop the project with the new partner, or he could try to renegotiate. However, as a minority owner without the means to purchase the remaining 77.5% of the project, he lacks leverage. Essentially he can either play ball or get bought out by the new partner too.
He could attempt to dissolve the previous JV agreement, but the new partner could simply stop funding the JV, leaving Pablo and the fam out of a job and unable to continue bleeding foreign shareholders for their generous salaries. I agree that Pablo is unlikely to ever sell his share of Puna Mining since it’s a golden goose for his family and their mates. However, it would be naive to think he wouldn’t consider a better deal from a potential acquirer, even if it means sidelining JZ and Aussie shareholders. Recent interviews show that Pablo and his team barely mention AGY, indicating they see AGY (and shareholders) as nothing more than financiers. It's evident that they're indifferent to the source of foreign funds, as long as they continue flowing.
Expand
(20min delay)