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hi snakepitt
I think from clean teq's perspective it offers the opportunity for an early cashflow, and the project looks like it will have a long life so it fits the recurring annuity income that they would like to build into their business model.
The air division has shown that in spite of being a recognised world leader in their field a business model based solely on selling equipment leaves them vulnerable to the ups and downs of markets. I think they want to have greater control of their future by owning projects or joint venturing to have greater reliability and consistency of revenue.
With regard to Mt Morgan, a jv would share the risk between the 2 companies but still provide both with a strong cashflow. Quite apart from the metal recovery facet of the business, it will be a very significant statement of its technical capacity if clean teq can provide a viable solution to the environmental problems associated with the mine.
A few years ago during extremely heavy rains, the pit containing the acidic mining remnants overflowed and carried toxic waters into the wetlands and groundwater. the govt later declared all ok but the dam is a timebomb and the remediation of the waters it contains is probably on clean teq's mind as much as the metal recovery business. Up to now no one else has a solution to this problem - if clean teq succeed with Mt Morgan then it may elevate them to the "go to" company for similar mining/environmental legacy problems.