has mgx beem out-negotiated?

I've re-read today's ann. Notwithstanding that the deal is probabaly a little bit more convoluted than it needs to be, it looks to me like Shougang has got the better part of the deal than MGX.

In no particular order I note the following.

1. Shougang puts in 120m to get a 50% share of EHPL

but

2. MGX assumes all the risk of slurry pipeline construction and funding & port infrastructure ugrade. $@300m

3. Shougang purchases 50% of EHPL’s production for 20 years at the cost of production plus a margin necessary to pay down project finance. - (unless I'm misinterpreting this statement, where is the MGX's margin/gross profit in the sales?)

3. In addition, Shougang, if it wants, gets a 15% stake in MGX if it wants, a maximum 75c - thus making a likely ceiling on the MGX shareprice until September at least...Shougang can also if it wants flog 30% of this option off to someone else if it wants...

I welcome any feedback, but it looks to me like MGX's keeness to get this project off the ground, has meant that they have ceded too much to Shougang on the negotiating table...

They could well have done better funding the whole project by themselves imo.