I was thinking along the same lines after reading today's notice.
To invest the full US$44m and stay at ~10%, SOI would need to approximately double if at current prices....obviously we are expecting SOI to increase considerably as part of a funding anyway.
With anticipated re-rates of sp as the project is de-risked and value added, GM will be gaining lesser percentages/$ in future participation. Unless my take on things is off.
Ann: Investment and Offtake with General Motors, page-351
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