Well, I can see RUM's point. After all, they are tipping their Barrow Creek into the JV. Monument is tipping no assets of their own other than some (smallish) cash injection.
In simple terms, CEN's response says - we do not want your Barrow Creek resource, we are happy to just stick with Araganara - so we will go with more cash and JV percentage.
A significant difference in JV terms means that comparison is rather subjective, like comparing apples with oranges.
IMHO, RUM should have done what I suggested in an earlier post, e.g. offer exactly the same terms but slightly better monetary consideration compared to Monument's, instead of rolling both assets into one JV. (Of course technically it is better to develop both but as a tactical move it would have been a masterpiece). Then, in that hypothetical situation, CEN's directors would have no grounds for rejecting the proposal.
The stage is set for some more action I think.
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