xstrata option to buy in

Interested in opinions from others with more experience than I in these matters.

If Xstrata take up the offer of a 51% holding in URL's Roseby project, presumably as far as I can see, the benefits to URL would be the $15M cash it would receive to spend on developing other prospects outside the Roseby project and access to the vast experience, inhouse resources, expertise and services that Xstrata can offer, perhaps speeding up the process to production and increasing profits.

On the downside, by Xstrata owning 51%, I presume it will be entitled to 51% of the profits or therabouts which would reduce the cash available as dividends to URL shareholders. (form of dilution?)

If on the other hand, if Xstrata opt to pass up the opportunity to buy in, URL carry on in the same exactly as it is doing at present with $15M less cash to spend on exploration, it can use its own significant current cash reserves of around $15M for future exploration.

URL then has none of the benefits mentioned in paragraph 2 above, but has the full after tax proceeds from its Roseby project once producing, available to its shareholders.

So my gut feeling is that I would prefer Xstrata to not take up the option purely from the point of view that dividends may be much reduced. However, if the share price were to surge because of Xstrata involvement , then the dilution affect may be discounted.

Finding it difficult to come to a conclusion on this issue. Thanks in anticipation.