Thanks 8horse nice analyses...When you say :All revenue will be...

Thanks 8horse nice analyses...
When you say :
All revenue will be flowed into the JV company, paying the taxes, paying Ganfeng's arranged debt of US$40m, then could be distributed to three JV partners (LLL, Ganfeng and Mali government). The abovementioned net profit after tax is all LLL's share (40-45%).

Does this imply that opex will be shared between Ganfeng and LLL or that LLL will advance opex costs, for then share only net profit with Mali and Ganfeng?
Have to say Phase-2 is a compelling case scenarios. Assuming hopefully it will be financed without dilution, we are talking about some 350k/t for LLL