This is a moot point as the 44.5% will also need to be...

This is a moot point as the 44.5% will also need to be developed. So we can gross up that value the 44.5% and then subtract development costs but at the end of the day the CATL transaction only values Manono at USD8.5M per 1% of which AVZ will hold 44.5% after the CATL transaction.

I also like how you cherry pick the development cost statement. How about posting the compete story....

"In addition to the cash consideration, subject to certain conditions, CATH may contribute all project
development costs to the Phase I Manono Project joint venture pursuant to a capital expenditure
funding agreement to be agreed between CATH and GLH. Under the capital expenditure funding
agreement, and should AVZ not wish to contribute its share, AVZ’s pro-rata share of project
development costs may be accounted as a loan from CATH to GLH attracting interest at a rate standard
for facilities of this nature and not greater than that applied to the CATH facility unless the actual
funding costs at the time are higher. The loan from CATH to GLH will be repayable from profits from
the Manono Project"

AVZ will need to pay for development costs. CATL is not going to develop it for free!!