likely terms of jv ?

While we are waiting.. does anyone care to speculate on the likely terms of a JV ?

I was just staring out the window in staggered disbelief at a really ill informed post on a competing SDL forum (pyhagerous probably knows what I mean.. and no it wasn't his post) when I started wondering what the likely stake a JV partner would be expecting in return for stumping up the ~$3Billion infrastructure costs.

I'm making some assumptions I realise but I believe the JV partner will most likely want a stake in SDL (or maybe Cam-Iron) in exchange for their outlay. Given the Cameroon Govt will be taking 25% once the deal is done I'm trying to work out what the existing ASX listed holders (i.e. us) are going to hold once the deals are done. My guess is between 30 and 50% leaing us with 45 to 25%. I can't see us holding as much as half of the project.

Anyone else have views on this ?

Illiquid.