I think the point you might be missing is that they provided/are providing the financing in return for security of supply as well as lack of a take-or-pay agreement directly to WHA. Take or pay is between ODFA and JV and not from JV to WHA so essentially they both share the risk.
The funding is a loan. The risk of course is the lack of repayment capability of the JV to WHA but what they have in return is something you could not really buy for the costing of the funding given.
Trying to value this on sales is like trying to value a miner on gold sales whilst in the development state. They are not thinking this year, next year, they're thinking 5 years down the track (that's what they've been asked to do by Mason).
WHA Price at posting:
$2.26 Sentiment: Buy Disclosure: Held
