RE: RE: RE: RE: RE: deal coming or pullback.... "My understanding is that NML has a 20% equity stake, meaning that NML has a claim on 20% of the revenue of the project."
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This would be true if NML owned a 20% royalty on the gross revenue of the Tata Canada joint venture. They do not. They own 20% equity stake, and just like every other joint venture partner, are entitled to their share of free cash flow or earnings, when they are distributed. The majority operator the JV will typically determine when profits will be distributed (unless it's specified by contract). Revenue does not equal free cash flow or earnings.
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There will definitely be revenue, but there's no certainly of earnings, especially in the first year of ramp-up to full production. I very much doubt there will be a cash distribution to NML in 2013 from the JV vehicle.