If they have a JV that is good but if they dont - a JV may ask for more equity to be issued leading to a further dilution - smaller shareholders may not be happy with that a better outcome would be a share of future profits in lew of payment until production begins - this puts the risk back on the JV to deliver performance, cost controls and no delays
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If they have a JV that is good but if they dont - a JV may ask...
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