my plv model, page-17

Hi Nathan, have a look at the jv deal that Richmond mining did with the Chinese, it's basically what I used for my model. The partner loans the cash to gain a 20% equity stake and also benefit from locking in a supply of ore. They also make interest off the loan. Given that the equity stake will appreciate to be worth roughly $200 million off a $700 million loan, I'd say that is fairly attractive, but the locking in of supply is also very attractive. As I said, I didn't make up the scenario or pull it out of thin air, that seems to be a standard deal.