Hi Red, I don't think ARL have retained the last 25% of production. The JC-SPV has a confirmed right to 75% of the production, and has the first right of refusal for the last 25%. They don't want it - then it's KNPLs to sell. If the JC-SPV want it - it's theirs.
Ann: ARL SMM and MC to form a JV to develop KNP Goongarrie Hub, page-98
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