A couple of key points to me about the Italian coal deal:

1. Italians have operational control with consulting with local authorities. Since the locals get 20% they will work much better with the Italians to get the project moving and into production as quickly as possible. Profit sharing is a good motivator to reduce bs.

2. Government has 0% invested stake.

3. Split comes from net profit.

4. The way I read it, net comes after taxes as well.

5. The most important point open cast mining and contract deal.

Whether it is called jv, contract, or concession, it really doesn't matter. The agreement is what counts and more importantly, projects are moving forward. It appears the national government wants to demonstrate movement which will aid in getting votes for the Nov. 23rd elections.