r36, it wouldn't be fair for me to play the undervalued tune,...

r36, it wouldn't be fair for me to play the undervalued tune, purely because I've been saying this has been undervalued for a majority of this downtrend that the stock finds itself in.

What I will say is that I have quickly gotten in touch with the company via email, and they have confirmed that a third party purchase of BMG's stake in the JV entails them picking up all the cash injection obligations.

Thus, provided a company is prepared to fork out $48M in cash over two separate transactions and $20M in BFS fees, we would essentially still go into the planned 20% free carried position. The big question is, will an entirely different company be prepared to contribute such a significant amount of money to CAP, when they then also have to look after $3B in CAPEX?

It could end up being that a steel mill chasing a long term supply of high grade (~70%) iron could be won over by the comparatively low operating costs at Hawsons and is prepared to get involved in the JV, but we will have to wait and see!