I think what complicates it is that, along with the offtake agreement, AAU is also asking the offtaker to fund the construction too. Which gives the offtaker all of the power.
If AAU had money in the bank to build the mine, or even an already established mine, and were negotiating with the offtaker purely for the product, AAU would have the power - they have what the offtaker wants. Infact, i'm sure there would be more than one offtaker negotiating to buy it. At favourable terms to AAU.
Unfortunately it's the reverse. AAU need the offtaker to stump up the money first, to fund the mine. This will obviously be at favourable terms to the offtaker. We are the beggar, the buyer is the chooser.
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