I hope I am wrong but 50-50 JV, as I said before, is not going to attract a major. NMPP is not big enough for that and ALK are yet to demonstrate any potential outside Boda/Kaiser/Boda2/3.
They are not exploring all the options - it seems.
20% of profit over ~35 years with 25Mt plant operated by a major seems like a good and SAFE option.
And what contribution can ALK make in a 50-50 JV of such size? What experience and expertise do they bring to the table? They can't even upgrade from 1Mt to ~1.5Mt without blowing the budget while unable to provide any meaningful project upgrade so now they want to play with 20Mt plant?
I really want to see what exploration results they produce from NMPP. Especially if there is anything requiring follow up drilling.
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