Such a hypothetical deal could be structured a few different ways, the simplest SDL sells an equal stake in CamIron and CongoIron to Partner X who then becomes joint holder of the mining permits. No shares in SDL issued or sold, but obviously at face value the assets of the company are diluted by half.
SDL would have to obtain their share of the debt finance, but the sell off of the partial stake would be more than enough to service that debt through to the project being cash flow positive. The financier/s would likely be financing the project as a whole rather than SDL and Partner X obtaining independent finance.
I agree with your point that this ideally suits China Inc or an existing major. But, I do think the plans Glenstrata have for merging are perfectly aligned with the west Africa story. Glencore's existing interest in Core Mining as a case in point. I still don't rule out seeing a strategic tie-up between SDL and Core, maybe as a stage 1 approach from Glencore? All my opinion only, and coming from a self-confessed optimist :)
Best wishes all holders, Sth.
SDL Price at posting:
36.0¢ Sentiment: None Disclosure: Held
