Ann: Japanese Consortium Update on Progress on KNP Goongarrie Hub, page-39

Sumitomo held about 15% of Vale Indonesia originally.

Going by the pattern of % ownership, whether company equity or project specific, the indications are a minimum of 10%, likely up to 15%, being preferred individually by SMM and MC. Doubt that they'll seek a lesser % for an attractive project like Goongarie Hub. So, say, it's a minimum of 15% to each JC partner, thereby totalling 30%.

I recall some HC discussion about ARL BOD wanting to retain control, which is 51% minimum. It'll be an interesting and creative cr strategy to be implemented that also tries to preserve value, or at least minimise dilution, for LT shs.

The last two cr (in 2023 and 2022) were at 70c. I had previously misstated that there was a cr at 78c. The one before that was at 55c.
A total of approx. 64M shares worth $42M (being a 45% increase in SOI pre-cr) were issued in three cr, which gives an idea of the figures involved with respect to SMM and MC.

The risk of potential dilution is always there.
But the majority of the subscribers to the cr were sophisticated investors. So if the everyday retail LT shs get affected by dilution, so will the sophs.

The interesting question is whether to buy now from the market at 40c, give or take, to mitigate potential dilution to one's own portfolio, or to support the next cr because that is what supporting ARL is about.

There is another way to support ARL, though. Doesn't always have to be limited to cr.
It is to buy the shares to take it off the market, so that price suppression is countered, even to a small degree. When enough is taken off, the effect increases significantly. The multiple lines wipe phenomenon, so desired by LT shs but so dreaded by shorters.

But what about supporting the next cr?
The sophs can do their bit there. They have the big moolah for that.

Of course, the sword cuts both ways. (A knife has one cutting edge.)
If retail LT shs were able to counter the price suppression, then the sophs benefit as well.

But that means the cr price might be set higher, which is where the sophs would then have to dig deeper into their wallets/purses. The benefit for ARL is that more funds can be received for the shares issued.

It's a game of chess moves, in a way.