Yes this is correct.
This is a small percentage of what is necessary for the project to go ahead and production is still a while away.
The announcement states that these funds will be used to speed up detailed design work and get long-lead time plant equipment. So essentially identifying a quicker pathway to production.
The main takeaway from this announcement is that majors want a piece of the pie and I can't blame them.
It will be up to the Dr. to balance derisking and dilution to maximise shareholder return.
Ann: Investment and Offtake Agreement with LGES and POSCO, page-38
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