production, page-3

It was mentioned at the AGM last year that shares probably will not be issued to the JTC, they will form a JV and roll into a new vehicle. Cash from one party, the mining licence from the other.

This hasnt been mentioned before (i dont think) however based on the JTC taking a % holding in the project (we'll say 30% on $1bn project value), they should be kicking in $300m.

Given this, PLV would then need to find approx $30m and the JTC $20m (ie both share the capEx cost based on JV % - assuming $350m capEx).

That said, PLV will have just received $300m into the JV, so may not need to look far for their share of the CapEx funds.

I assume this logic works, happy to be advised otherwise.

Thoughts, comments, observations?