which is why, they will take over TON, and if they want it, pay...

which is why, they will take over TON, and if they want it, pay a multiple of EBIT. eg 5 x 6c = 30c
We can agree, that they chose TON for the best politically safe outside china deposit meeting their needs, to go to full ownership. Forget Tanzania, forget the Western countries re FIRB,

But, they still only have 34% of TON. They cant control the board./ or its decisions into other financiers or projects.

And what next ? china finance as suggest by PC? then it gets developed. And TON can offtake into its two existing offtakes as with JHT project value add taking the remainder.
No finance ? as you elude to so they can just park here until they want to move the project ahead ?
Under the no finance scenario, then surely we would take steps to advance alternate finance, as well move ahead with Nicanda West, or Nicanda Hill, with others. They are then just an investor, and can not stop us moving alternately.

But the issue is that china is running out of large flake, and need to get Ancuabe up and going, not just a asset on paper.

The question is whether they do that as a cornerstone investor, with views of value add the remainder of offtake./ or take over all of TON, and lock up Nicanda West and Nicanda Hill in the process.