Ganfeng has taken a majority 55% over Leo 45% of the joint venture company (MLBV) which had equal representation; both in members and voting rights on the Board, this has changed with Ganfeng being issued more shares in MLBV with their extra %age.
This flows down to the structure of the Board of Lithium du Mali SA, which as per the shareholder deed (now defunct?) had an equal number of directors and the structure must ensure proportional representation from each MLBV shareholder .. ..
~ add into this, the Malian Government 10% free carried position and the entitlements that come with it including their representation to the Board of LMSA.
~ I agree with your concerns of being out voted at the MLBV level (55% - 45%), but as @WoodySpoon has indicated there were minority partner provisions in the new contracts.
** the concerns of Ganfeng and the Mali Government together being able to outvote Leo at the LMSA level haven't changed, they (Ganfeng/Mali Govt) always had that ability? with or without the new changes in Ganfeng's shareholding of MLBV.
I cannot for the life of me find what the free carried 10% entitlements the government receives, but from Hummingbird & B2Gold, the government didn't acquire their "free" 10% until committing to the optional further 10% and it was then (from memory) that they were eligible to have 2 seats on the Board of their respective Malian companies,
~ for Hummingbird - Government of Mali has the right to appoint two directors to Société des Mines de Komana SA (SMK)
~ for B2Gold - lost information in the never never (means I can't find it)
Both the above examples were part of their respective "Establishment / Mining Conventions" which were issued around the same time as the convention for the Goulamina project.
cheers
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