I am looking through the email the company sent. The tables/calculations indicate that Zijin is contributing US$70m to the JV, US$35m for XAM's share of costs and US$35m for their own share. Minority interests then need to find proportional costs, which will likely lead to them selling their interest to the JV for US$21.5m, leaving just enough for the PFS...
Am I reading this correctly? If so, has the company accidently double counted some money? Or did I misread the original announcement when I thought Zijin was paying only US$35 total to be issued shares in Khuiten (the JV) equal to XAM's existing holding?
Appreciate other's take on this, as that would be a significantly better deal than what I thought had taken place.
XAM Price at posting:
3.7¢ Sentiment: None Disclosure: Held
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