Ann: Non-binding MOU executed to build & operate hydroxide plant, page-114

It makes sense, if Obeikan will invest equity in a hydroxide plant, while debt will be provided by a SA financial institution. For example, Obeikan will invest US$ 100m for its 50% share in JV, while US$ 200-250m debt will be raised from a SA financial institution, plus any possible tax benefits, subsidies from the country The above structure is only example, no guarantee is that cooperation will succeed at all or will be realized in such way. Additionaly, JV will contract a technical partner with appropriate expertise.