FML 6.38% 25.0¢ focus minerals ltd

thoughts on jv buyout

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    Has anyone had a close look at how they are approaching this (the buyout of their JV partner) and got any comments? They are continuing the current phase alone without the JV partner (committee bay) tipping in money, on the assumption a deal will be struck - seems like an odd approach to me - seems to give committee bay a lot of options without any commitment - I don't understand it.

    The relevent section from their quarterly is below:

    A key element of the Exclusivity Agreement is to effectively suspend the Redemption Joint Venture between 1st January 2008 and 31st March 2008. During this period, Focus will accept full responsibility for the Coolgardie Project. This will enable planning for the commencement of mining at Perseverance to continue, unaffected by the negotiations that will occur with CBR to purchase their 50% of the project.

    Both the Boards of FML and CBR have met and approved the commencement of mining, however, if subsequent commercial terms for the purchase of CBR’s 50% of the RJV cannot be concluded, CBR will reimburse FML for 50% of expenditures incurred on the Coolgardie Project between the 1st January 2008 and 31st March 2008 (which is the date when the Exclusivity Agreement expires), excluding any expenditures made in January, being part of an earlier RJV cash call
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