guildI think you are right.The only question is whether Toyota...

guild

I think you are right.

The only question is whether Toyota has to pay the $112m for 25% of the Olaraz PLUS also pay 25% of the equity side of the cap costs ie 25% of 40% of the capital costs = $22m.

For ORE to require that makes sense but whilst ORE has regularly listed all the things has to do to get a jv (upfront payment, arrange cheap loan, organise marketing ...) I've not seen it explicitly say that Toyota has to pay 25% of the cap costs in addition to the 25% of the NPV.