" Still no clarity about if Emanco is to contribute any...

" Still no clarity about if Emanco is to contribute any capital,"

There has been no agreement nor promises that the Eritrean government will fund the development of the project. If the Eritrean government is to fund the development, it might as well develop the project itself.

The Eritrean has already made its contribution by way of the proven deposit, which was made available to STB for $50k.

In Nevsun and CHN cases, the government takes 40% stake in the mine. Nevsun ran into financing problem during the GFC, and the Eritrean government was able to arrange finance for Nevsun.

In STB, is a 50/50, and within the whole scheme of things is not excessive, and cannot explain the drop in SP.

The only reason, I can think of is that the 50/50 is indeed a good outcome for an interested party. The drop in SP is "tree shaking", a predator has made a move.