general meeting started at 1 pm today, page-34

'Exergen/MNM have been in discussions ever since or even before IK joined MNM,
Exergen know their tech works,
MNM have all the brown Coal, with a heap more on the way,
Sooo, why the delay??'

Exergen want an allocation from straight out of the guts of the S7, almost certainly between MNM's big LV tenements.

If MNM and exergen had already JV'd, or merged, there would be push back against given the same group even more coal.

The fact that Baillieu came out in March and announced that there will be the first round of tenders for S7 ground in 11 years explains the JV go slow IMO.