This is the reason MYL structured the JV the way it did. Originally, they were going for 85% ownership but realised substantial local ownership (49%) was they way to minimise sovereign risk by getting locals on board and helping to grease the wheels with the government. I think the locals would be seeing a lot more locals working on site than foreigners so I doubt it's an issue.
This is the reason MYL structured the JV the way it did....
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