the balance sheet of FFX will increase by the demerger as a result of the % ownership FFX will retain in the new company. I am assuming 20% of which 10% will likely go to the Mali Government as a free carry and the balance to be reflected on the Balance sheet at Market value with the Mali Government having the option to purchase for cash a further 10% at market value.
Lithium Valuation - What price will Macquarie Fetch?, page-68
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