- Zijin buys 19.99 percent of Xanadu for around $11m in two tranches. Effectively owning 7.65 percent of Kharmagtai after 3rd tranche goes through by way of ownership in Xanadu. - Zijin buys half of Khuiten Metals for $35m in the third tranche, Khuiten Metals owns 76.5 percent of Kharmagtai. So effectively purchasing 38.25 percent of Kharmagtai for $35m.
So 45.9 percent of Kharmagtai for $46m - through ownership in Xanadu and Khuiten Metals.
My understanding is the minority holders are free carried by Xanadu until an investment to mine is required. I could be wrong on this as I haven’t verified this and am running on memory alone which is getting on. I assume, and that’s all it is, that Zijin will at some point buy them both out.
Check the figures but that’s my take on it, I never was great at Math so double check it all.
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