This could be a very good deal. If MinRes will research, build...

This could be a very good deal. If MinRes will research, build the mine and operate it from pit to customer, there are no further costs for HXG. Does that mean HXG just gets carried with a "royalty" at 49%? Because that would be very good.

If MinRes has to include all of the operating costs, HXG hasn't really given up half the project. It might cost 20-30% to operate the mine and that comes out of the 51%. Bullant is right, what would you rather? If we have to raise another $150mil in equity, we'd be diluted down to 25% ownership.

And really the key to this project is the end market and the processing techniques. If purity is consistent, the price per tonne may double. MinRes are huge and if they have end customers and processing techniques, it may greatly reduce the marketing and processing costs.