"The JV partners mentioned here are not Epangelo and the miners...

"The JV partners mentioned here are not Epangelo and the miners (via forced marriage). Its Epangelo Mining and Atomredmetzoloto (ARMZ - Rosatom Russia). They have the cash to buy in ($US 1 billion), the capacity to develop the mine, and an unlimited license to explore and mine anywhere in Namibia. Thus they have a considerable advantage over other parties interested in investing in Namibia's resources (eg China). So I think they intend to play on a level playing field but with a considerable advantage."

I disagree re the "considerable advantage" comment. If the question is enough cash to fund the development of Husab, the Chinese have more cash than anyone on the planet! AND they don't even have to buy ALL of EXT to get CONTROL. As for the unlimited exploration freedom, we don't need it, we still have over half Husab epl to be drilled which will take years.

Also re the Chinese offer for KAH/downstream offer for EXT... if the Chinese proceed with the offer and get control of EXT at say $10.70 which is the approx see-through valuation via the KAH deal, they are getting, as I mention in a recent post, an opportunity to negotiate with either the Namibian govt or any JV incarnation they like, This may be just a repackaged bidding war. Indeed it may just be a ploy by the Namibians to get the best deal from whoever wins the a bidding war. Let's not forget, if Rosatom are looking to play, it then comes down to which playmate has the most money...mine's on the Chinese.