You have offered one interpretation. I look at it another way....

You have offered one interpretation.

I look at it another way. If I had discovered a bonanza gold deposit and wanted to bring it into production I could either joint venture it or debt finance it. If I were confident that the deposit would give huge returns then I would not want to share the deposit with others, I would debt finance its development. This is exactly what MSB has done. Of course the flip side is that if the depsoit is of doubtful commercial viability and there were no interested JV partners, then I would have no option but to debt finance it. But by whom? Financiers are not fools, true they want their pound of flesh, but they too would need to be assured of commercial viability before committing shareholders funds. On balance I think it is a good move by MSB and I am sufficently confident in my investment to top up if the share price retreats.