Hexagon Looks Beyond The Swarm, page-50

NT - we are not selling 51% of HXG but 51% of the project.
This is my simple view of the deal as I understand it.
In return for 51% of the McIntosh project MIN develop the mine and produce two piles of 96% graphite per annum. The first pile is 51kt and is theirs to sell to whoever they want. The second is 49kt and we get to upgrade all or part (probably some) of that (at our expense) to 99.999% and sell that to whoever we want for a sh*t ton more than US$2k per ton. MIN might ask us to upgrade theirs too but that will cost them.
Essentially we have a free ride to 49kt of saleable 96% graphite at a margin of about $1000 per ton or $49m EBIT. A bank will fund the upgrading plant for us based on that.
This is a brilliant deal so I am struggling with others interpretation of it not being a good deal.
Can someone closer to the co tell me if I have this right or wrong.