I don't believe that is correct, read the detail:
- the "consortium (KNPL)" will fund up to $98Mil.
- Ardea form 50% of the consortium
- SMM will advance up to A$12,000,000 in funding to KNPL
- If the conditions precedent are not satisfied by the prescribed due date, any advance funding provided will need to be repaid by KNPL within a specified period. Ardea has agreed to guarantee this repayment.
so effectively "the Japanese" have only committed $12mil at this stage... (subject to conditions)
Happy to be corrected..
Ann: ARL SMM and MC to form a JV to develop KNP Goongarrie Hub, page-64
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