Another reason I was thinking about is the 50:50 JV with Primobius. They will have to share all the future royalties paid by HNR from the operations of the recycling plants. But since NMT also owns a substantial amount of HNR, it gains from both the royalties and also the operation profits. In this sense, HNR is only a plant operator as they don't own any of these technology. Hope that this is logical.
Another reason I was thinking about is the 50:50 JV with...
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