Suspect if AVZ went into a JV, whoever the JV partner is would be the one most likely doing the takeover in future if that ultimately happens. That is I don't expect AVZ to have a JV partner who is not involved in a downstream market (i.e. that is I expect any JV partner to either be producing downstream lithium carbonate or hydroxide or batteries and it is also highly possible, if more than one JV partner that one might also have a tin/tantulum interest). Just a view, but also possible, using Greenbushes as an example, that AVZ is simply TO by joint venture entity itself.
Whilst not a JV arrangement, if you look at AJM and TAW the entity seeking to do the TO is the largest SH. When you think of some recent TO in the mining industry it generally comes from one of the JV partners in a joint venture arrangement or the predominant SH of the company.
The interesting thing to watch out for is the length of term of the offtakes themselves in such a JV arrangement. If the contracts are say a few years, or when the JV changes, then TO still becomes an option down the track for anyone.
All IMO, but if other have a view please share.
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