l think the Dubbo project running in a separate company will greatly simplify the funding process.
ALK's gold business has outgrown the REE side things and it looks like that trend might continue with Boda.
There's nothing to stop ALK investing in ASM down the track if there's a CR or funding round... similar to CAI and GMD. Best of both worlds...imo.
Ann: Demerger Booklet including Notice of Meeting, page-44
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