Joint ventures are distinct in that they are subject to joint control, regardless of share ownership percentage. That is, the investors must unanimously agree on key operating, investing, and financing decisions before they are implemented. This feature of joint con- trol means that majority ownership does not confer control, nor does the right to appoint the majority of the Board of Directors. Joint ventures are quite common in mining operations and in oil and gas ventures. The joint venturers all contribute something to exploration activities, and all share in any wealth generated. For example, a small mining company may have exploration rights over a prop- erty, and.
