Ann: IXR and VMM to form REE Refining and Recycling JV in Brazil, page-50

if it makes economic sense, and viability sense to form this JV between IXR and VMM now, just wait for a merger between the two, once they secure Offtakes, construction approvals, and funding.
Particularly when one thinks about the "supply chanin" security issues, the geographical and operational synergies ( and importantly the security issues that it would address).
Their is a commonality between product, upcoming refining, patents, shareholders, directors, potential offtake partners, probably funding sources etc etc.
Who would take over whom?
I reckon further down the track, that push will come from Offtake partners.