incognito---i was under that impression as well----so i went...

incognito---i was under that impression as well----so i went back and read the June announcement---it clearly says the two conditions to be met are
1/FairStar securing its 20% and
2/The execution of the formal JV agreement
Later in the announcement there is a mention that FairStar is in advanced negotiations with four parties who have expressed a desire and have the ability to fund the remaining 20% and secure offtake for up to 80% of 20million tonnes(jorc-indicated mineral resource)plus 4mt of ultra-fines at ship.At no time in this announcement does it say that 80% is a requirement---just simply says ""the execution of the formal JV agreement"
So in my opinion wthey are almost home and hosed---just got to secure that $65million---which shouldnt be too hard with an 80% deposit!