Zijin’s $35 million for 50% of Khuiten is just that. It goes to the Khuiten JV not XAM. Of course that means XAM does not need to provide more funds for furthering the Kharmagtai project until that $35 mill is close to running out. Good for the short term, but Zijin, if it proceeds as expected, will have close to a majority interest in Kharmagtai combined through the JV and 19.9% of XAM and if it buys out 1 of the other 2 minority holders in Kharmagtai it will have a majority interest with no incentive to see an increase in the value of the project before the inevitable buyout of XAM’s interest. You can argue that XAM is the project manager but its position by virtue of difference in size to its partner wiil no doubt be eroded. The best we can do is recover some of the Kharmagtai exploration expenditure and move on to the next project. Unless you take satisfaction in the motherhood statements, and in having been a part in paying a lot of salaries and taxes, for little punters in for the long term it is, and has always been, about thehitting bonanza grades. A stade and solid resource just doesn’t cut it.
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