The demerger has nothing to do with the JV deal FFX has with Ganfeng. At the moment the JV is between FFX & Ganfeng, what FFX do with the structure that holds it's 40-50% of Goulamina is their own business. When demerged, FFX's 40-50% will be transferred to Leo (with FFX still holding ~ 20% of Leo)
Having said that Ganfeng are aware FFX will demerge Leo with it's own management etc to run the operation. I assume FFX would have for example run the CEO appointment past Ganfeng.
The conditions precedent have now been met, so the US$39m is due to be deposited. (as announced) When the FID is made, US$91 payment is due.
FFX Price at posting:
70.0¢ Sentiment: Buy Disclosure: Held
