Ann: Offer to acquire Reward Zinc JV Interest,RXL-IMI.AX, page-14

Not sure why this thread bypassed me.

Anyway, under this arrangement RXL will end up with shares in a shell with a minority interest in the project that will probably be diluted over time through further capital raisings. I cant see Teck being overly concerned. If the shell doesn't stump up with the project funding, then its interest in the project will likely be diluted. Meanwhile back at the ranch, RXL shareholders will continue to be diluted by the ongoing funding requirements of the parent company.