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"I ask because if they are to be paid, Freeport should get a pile of cash out of this, even if paid in installments.  And, several hundred thousand dollars, or a couple of million at risk in an exploration activity (or two or three...) should not povoke any serious SEC disapproval."

"Speaking of SEC, I believe the Trump administration wants to repeal such restrainst anyway, but we haven't seen that yet."

SEC would not much care about this.  I had a brain fade and confused this with banking and securities firms prohibitions as developed out of the Financial Crisis.  However, from before that time major producers have been reluctant to JV with exploration-phase miners.    

So, as long as a major producer like Freeport does not put borrowed money at risk in a speculative enterprise, there may be little holding them back from doing so except for evoking the displeasure of shareholders.  Such concerns, I believe, are being reduced as metals prices rise, and shortages develop.

Meanwhile, pressures are mounting to repeal limitations on financial institutions so as to allow them to again participate as lenders/underwriters in mining-related ventures.  In fact, this must change in the US, if US-based miners are to thrive going forward. 

The question is, then, do you see a trend now developing in which exploration companies are partnering with majors, or soon will be?

Thanks.