Ann: Rio to Invest $40.4m to Become a 15% Strategic Investor, page-26

Rather be a well fed puppet of RIO's soon to be 60 million - 19.9% play than an opportunistic Chinese play/takeover. It does appear RIO were not the only interested party hence this early commitment. China would be rather annoyed I would suggest given their huge investments in Africa and to miss out on this largest world class rutile deposit that still remains open for a great deal more discovery in future years.
The risks for securing finance in such places is high (does not apply to Chinese as CCP finances all) - so to have RIO on board is significant to finance early development of Kasiya. The way I read it was CR were still permitted therefore SVM could control finance of projact with the 60 million RIO tip in - CR through Sprott participation and retail - even if it were at a smaller scale start up to navigate around any attempted RIO controls.
100 million goes a long long way in Malawi - to supply rutile into a market of high demand - grow that market 60% share over time - stock pile graphite ore for future - plenty of options to circumnagivate RIO trying to control the company with a 19.9% stake.

Having followed Malawi ASX listings for 14 years in which recently there was the first LSM Mine Development Agreement approved for GBE'S little niobium show after many (7) years of BS. I see the SVM Kayisa project receiving a very smooth - rapid pathway to achieve the similar MDA. Lack of infrastructure remains an issue for Malawi - Kasiya's location very favorable and CAPEX/OPEX extremely favorable on GBE'S original PFS a few years ago details that were later scuttled and a new one due next quarter - PFS will provide a great deal of details soon. DFS will not take much tweaking unless they change - downsize initial production if needed.