I think the third BFS holds the key. It is always been stated...

I think the third BFS holds the key. It is always been stated the third one was looking at changing the mine process to make it cheaper and quicker. With security over Tubaste - E farm if they may be able to break the whole lot into stages.
Lets say 4 stages each costing 250 mill to develop ie total 1 bill.
Stage one and stage two the JV partner contribute 100% of capital for say 20% of profit - then NKP has to contribute the funding for the 3rd and 4th stage out of either their profits from the first 2 stages and some capital raising which could be at any price in a few years.

There you get the 50/50 contribution but using the timing for nkp benefit.
This is meant to be a guide for discussion purposes interchange the numbers all you like.