I think this is a positive announcement. It is definitely a step...

I think this is a positive announcement. It is definitely a step in the right direction. Strengthening the board will be the next big key.

This comment by John Sanders stood out for me:

"Initial project equity requirements will be further reduced through the appropriate mix of debt and equity and the Company is in advanced discussions with potential partners in relation to the funding of the equity component."

The key will be how much debt to equity there will be. Also, since their last substantial shareholder announcement, Dingyi have picked up just over 3 million additional shares on market by my calculations including today so far, so another 1% increase isn't far away to announce. The above comment will alarm Dingyi as the equity component above will be massively dilutive to them which may force their hand to make an offer or actually become a JV partner. The problem for them is they won't be able to get >50% if they make a bid so after all that has happened maybe they will accept being a JV partner with 100% guaranteed offtake and submit to the South Africans?

Wouldn't that be funny!

What I don't understand is that if say the equity funding will be ~$300 million then why wouldn't an interested party just make an offer for the whole project like Dingyi did for $200 million and get the whole thing?