General meeting voting, page-11

This is a binding agreement, needs Foreign Investment approval (likely to get) and it is unlikely that SQM will default on staged payments over 2 years. The JV is formalised after SQM has paid $110M to Kidman and Kidman progresses the project through the stages as outlined in the announcement.

The loan/advance is part of the $110M and only converts to Kidman shares if there are stumbling blocks along the way and the project fails through the development stages. The advance allows Kidman to keep the project rolling whilst fine tuning details as both parties want to start production at the earliest possible time. SQM either get a JV or shares in Kidman.

It looks like Kidman has 2 years or so (before the refinery plant is operational) to sell its share of the Li2O concentrate - I assume this can start by the end of 2017.

Don't see how takeover is an option.

The deal doesn't look bad. It's a 50 year money earner that's if Lithium stays in demand.

Plus Gold potential.