JP and his team are simply not capable of making any corporate finance deal. Financing, none. Offtake, none. They are obsessed with the asset - it's so good we have to bring it to production at all cost. Guess what? Without money, those brines stay in the ground!
Havelock, once a significant shareholder, is happy to see its stake diluted over the years without topping up. My guess is that JP has pissed off Ganfeng in the past. But now we want Ganfeng to come in and bring this project to fruition? Chinese is no pushover and they emphasize trust and relationship more than others. I think Ganfeng is off the limit unless someone else takes over as CEO and chairman.
Ann: Notice of General Meeting & Letter to Shareholders, page-38
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