Looks like a complex transaction with lots of questions around...

Looks like a complex transaction with lots of questions around the assumptions made to derive AISC of -ve$59. Transactions of this size are not normally done for an economic interest in a mine with strange payout terms.

It is interesting to note that they highlight that certain governance rights and protections have been made and then make comment to Glencore's debt rating... I wonder if this means that the transaction is unsecured against Glencore's credit rating. Glencore has debt issues at the moment and it would make a lot of sense for them to do something like this to take the obligation off balance sheet and get a cash injection. The repercussion for Evolution is that if Glencore goes under, debt holders may have first right over the asset and the agreement may potentially fall away.

Of course DYOR and this is only speculation.