"I think it was because after 4 years of loss they shut it down" Rob can you explain this a bit more?
who had the loss? and who shut it down? Are you implying Cronimet was making a loss and wanted out and EQR brought Cronimet out even though they had a loss making business?
Currently with the JV in place the JV is buying the OC ore at arms length. And then it is a 50/50 split from then on. I agree that yes it is quite opaque, and yes it is also due to the way EQR choose to report, but I believe that the dissolution of the JV and the taking over of Cronimets 50% stake in the JV will impact the revenue. To what degree I do not know, but I believe it will be a positive impact.
"In effect to shut the JV down EQR paid Cronimet $15 million for an asset that makes no revenue." This is a bit of stretch. EQR didn't pay Cronimet anything, they gave script at a premium. So the end result is Cronimet now own X% of EQR and the "asset that makes no revenue". If what you are saying is true, who do you think is the winner out of the transaction?
"I think it was because after 4 years of loss they shut it down"...
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