Ann: Joint Venture with Ganfeng - Overview, page-73

Sorry, I can't see how that example has any relevance at all.

We have a 50/50 JV, after the $64m joint loan, we have $130m of capex still to fund.
We have put in $65m each, it's just than Ganfeng paid our $65m.
We both own the same amount of Goulamina.
It's really that simple.

In the real World I wish what you were saying was correct, then our share price would be much higher than 48c
To be conservative, the market has added 8c (assuming 40c base not the actual 45.5c) to our value after the announcement, that's an increase of A$62m to our MC. Not much of an increase considering you think they added US$130m on top of it's previous valuation.

I think we'll just have to agree to disagree.