shareholder update, page-64

This is not about when the JV takes effect, it is about how much value is being received by KDR. The $80m to be spent had to be spent on development either way. Half that development belongs to SQM, i.e they had to pay $40m of it regardless. Therefore $40m of the development value belongs to KDR.

You're making this about when and whether the JV goes ahead. If it doesn't go ahead well KDR gets no value. If we assume it's going ahead then the benefit to KDR is $70m.

I have seen your posts on other matters, you're a smart guy, but come on seriously. You must be just having a lend of us all.