Don't understand you post.
FDL are JV with FMG on the joint tenements - thuis is where 1% royalty on up to 8m tines/pa. Tenement 47/882 is 100% owned by FDL and therefore is worth aqnytininh they can get for it.
Hence the sp of FDL and why it is probably worth in excess of $5 a share (at $10/ton profit) and 600m shares.
FDL
flinders diamonds limited
8 mill tonnes, page-5
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