RE:Mitsubishi Materials Corp.To modify my below post: I'll rephrase "MMC will take all 24 months," because likely their end goal is NOT outright ownership. Their 24 months is the right to partake in the technical committee, board seat at 12.5% ownership.After that they simply become a shareholder.
The key here is the first right to negotiate their proportion of copper offtake at the LATER of: 1) April 2025 or 2) MMC owning less than 3% of WRN.
Presumably they'll keep their ownership on satisfactory completion of their scope of work, so I don't see an issue there. Remember if they own 5% of WRN, they own 5% of Casino Mining, irrespective of who becomes majority owner of CM. Thus they'll still have the first right to negoatiate their x% of copper offtake even if Rio becomes majority owner. MMC has this arrangement with other projects, those in South America.
That said, I'll modify my "Rio will extend to April 2025" expectation from a certainty to a non-zero chance. Possible, but unnecessary.