annual report, page-34

Hi ezirida,

I have asked the company about the JV and got an emailed response. IMO more reliance can be placed on it than a verbal response by phone, which seems to be the norm for other companies.

Basically IVR has the right of first refusal over any sale by Hindmarsh of their JV stake and can veto the sale, so I don't think CITIC could obtain leverage over IVR that way unless the board disregarded broad shareholder interests. Besides which the JV partner can't veto activity on the site. They can only withhold payment of their share of exploration and development, which IVR could pick up the tab for if it so chose.

I am guessing that a recalcitrant partner would risk having any attempt to sell their stake vetoed by IVR and be forced to either sell out to IVR at a discount or wait for the project to come to fruition to see any return at all.