This.
If one party cannot or refuses to contribute to the JV, then it's dilution. Not sure if this applies by default and then BPL can fight to get their 30% back or if it has to go through court first to dilute.
It's certainly possible to me that the manager has issued invoices to each party in the JV and according to the contract there is a mechanism for dilution if it's not paid. Therefore COB automatically gets a % of the project at no cost - how much depends on the mechanism.
My guess is BPL would have to try to regain their share in court.
As I said earlier, they are 30% owners and in a JV and need to pay their share. Considering they voted for the drilling they are refusing to pay for, their legal position appears shaky IMO.
News: COB Broken Hill Prospecting Updates On Thackaringa Cobalt Project, page-6
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