The key to bridging the value gap is in the financing – and ability to procure debt from Chinese policy banks . This is very valuable to Ivanhoe since without such debt it must provide much more equity to fund development. The value of the financing is potentially huge. Part of the??? Price CNMC pays for its Kamoa’s interest. If CNMC can deliver 60% of debt financing from China as you suggested, it would resolve a major piece of development financing for Kamoa. The Ivanhoe share price ??? from “de-risking” ??? and is potentially huge. The issue is that Canadian mines ??? are sceptical about debt funding commitments from China. Precedents abound where Chinese companies had signed MOUs promising significant debt but failed to deliver. For CNMC’s financing support to be considered as part of the purchase price it must be concrete. Amount and terms must be defined, which requires careful thought since there is still no feasibility study on which to base debt capacity analysis. There needs to be clear path shown for any necessary lender approvals as well as those from NDRC and SASAC.