All the concerns you have would be met by an operating agreement which sets out rights and responsibilities. I've posted on this before.
For Xtrata it's about getting 51% of the ore out of the ground and to the concentrator at Ernest Henry. Xstrata is unlikely to want to run the mine, they avoid JVs usually and for all practical purposes AOH will need to be in the drivers seat. Consistent with this, as snookerque points out, AOH hold the leases.
You seem to be confusing Xstrata's majority ownership of part of the resource held by AOH with control of the entire mine operations.
What is happening now is valuation, and along with that will be procedures in place to ensure the mine operates to maximum efficiency to get maximum value for both parties. Hence an operating agreement. I very much doubt that Xstrata will have day to day running of the mine, that would not be efficient.
DV
AOH Price at posting:
27.0¢ Sentiment: LT Buy Disclosure: Held
