Ann: Quarterly Cashflow Report , page-9

"The $70 million package includes $17.66 million in cash for tranche 4, a $20 million bank guarantee to use for environmental bonds, and $32.34 million in cash "

I presume the $20m bond which is only a bank guarantee never actually gets paid unless the bond terms are breached.

If so it seems that timeone get 50% of Cockatoo for only $32m and they get 30% of PLV,s 50% profit through their 30% $30m investment at 35.5c.