@dazaliam ... Except the market is clearly pricing us as only...

@dazaliam ... Except the market is clearly pricing us as only owning 40%, taking it any other way is just self delusion. We only own 90% if the deal falls through, which I don't think would be SP positive!!
Because we are talking future production in all those numbers comparisons, then the 40% ownership is part of that future.

Right now IMHO the market considers it an 'iffy' 40% (as in the deal could fall through) and I expect a bit of re-rate when the $US39m is deposited (probably a day or 2 before as the Chinese and their connections load up on FFX).
I expect another re-rate on upgraded DFS, and further on FID + the other $US91m.