This is my opinion if I was the other party in this JV, it's not fact, but what I have seen before and I believe 2ic has made the right call.
What I have seen in the past:
when an Australian mine is owned mostly overseas and that overseas entity is binded to take off the processed concentrate overseas, the Australian business is at complete mercy to the takeoff, 50% owner because that's where a good chunk of the revenue comes from.
its not in the overseas companies interest for the profits in Australia due to company tax and gst ! All they are after is controlling their own international supply of TiO2 which is something they don't have mines on domestically.
they will likely just pay enough and string out cash payments just enough to keep the lights on until it's no longer profiting offshore or used as market leverage against other suppliers.
sfx is basically at the mercy of their offtake partner / owner. And you can argue all you like they have a fix contract, they will just invoice Australia product quality, shipping, logistical penalties or marketing or whatever to reduce their payments.
they can do whatever they want, it's in there interest for the mine to fail, and take over the other 50% interest
(20min delay)