Ann: Investor Presentation - Sibanye-Stillwater Investment, page-85

No we don't. The cash is going to JVco not INR and will be spent on developing the mine. Plus the remaining 40% of capex will be raised by debt.

Yesterday we owned 100% of the project and had a market cap of $1.4b. Minimal cash so let's say an EV of $1.4b as well.
Today we have 50% of the project and we get 50% of the cash through JVco.
If the market valued 100% of the project at $1.4b with no cash yesterday then 50% had an EV of $700m, plus the $AU326 pf our share of the cash for JVco would ascribe a market cap of $1bn today for our share of half the project and the cash - only 70% of yesterday's closing share price.
Show me how you can possibly cook the books to say otherwise?