The Ann was very clear about when the JV comes into effect:
The 50:50 JV will come into effect upon the execution of definitive documents, the satisfaction of the relevant conditions precedent and the payment of the full US$110 million (A$146.67 million) by SQM.
It isn't a 50:50 until after SQM has completed its farm-in.
What this means is, that the partners have valued the work done for the JV so far by KDR at $US110 and SQM have to match that.
KDR Price at posting:
56.0¢ Sentiment: None Disclosure: Not Held
