8 million disappear on buy side overnite, page-19

I am not sure that it is completely irrelevant.
We know that NMDC want a big phosphate project. We know that they want 50% of Wonarah; that they will reimburse costs and that they will provide finance.
Using LCY as a vehicle may be irrelevant to MAK as long as the money is absolutely guaranteed but using LCY does make the deal more complex.
NMDC will be giving LCY shareholders 25% of Wonarah. Of course NMDC will own 50% of LCY but current LCY holders end up with 12.5% of Wonarah.
A full take over of LCY is an assumption only at this point in time. Using LCY as a vehicle may suit NMDC in the long term (assuming a full takeover) but surely MAK will need some guarantees from LCY in the short term.
I still don't see why NMDC couldn't acquire the 50% JV and then transfer those assets into LCY/"NMDC Australia" as and when it controls LCY.
If NMDC were to fail in a takeover of LCY what would be the impact on developing Wonarah?
The market doesn't seem impressed with either the LCY deal or the MAK deal.
Any thoughts? Thanks