Ann: 2021 Exploration Activities Update, page-16

The 9 October 2015 ASX announcement of the RIO Farm In / JV included this paragraph covering any future change of control in either party:
In short, it would seem that if a party were to seek more than 40% of AZY, RIO could elect to buy out AZY's 35% share of their JV.

So if say for example NCM sought to take over AZY or lift its shareholding to more than 40%, RIO could elect to buy out AZY's share of their JV so in effect NCM would be purchasing / taking over AZY without the RIO JV assets.

Of course RIO could elect not to do so.

And should RIO be subject to the same sort of takeover, little old AZY could also elect to buy out RIO's 65% share of the JV. But let's not worry about that scenario too much. LOL.