I believe they are shooting for a similar deal that heron did with vale which would be 40% arl, 60% Japanese consortium.
I would expect any new entity formation would be subject to DFS results, caveat being, if they're super confident and need the new entity for financing, maybe they dive in to new entity sooner.
arl have a lot more contained Ni in other deposits as the big bargaining chip. As others have observed, don't be surprised if that's used to enhance the deal
Ann: Japanese Consortium Update on Progress on KNP Goongarrie Hub, page-63
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