GRZ and LB have nothing to do with this delay IMHO. The permitting and MOC transfer to the new JV will not affect the arbitration case with GRZ at all.
Grz has already filed so they are done in VZ. Secondly, as Doug has point out many times (smugly I might say) GRZ has/had an ownership concession. This is GRZ's ultimate demise since it won't be an environmental issue holding up the LB permit it will be an ownership issue since VZ has said they are taking back all concessions and will only do JV partnerships with a controlling interest.
LC is owned by VZ and they control it 100% through CVG. Kry has a legal contract to mine LC which is why CRRC/CREC are doing a deal for the MOC. Doug and GRZ on the other hand will continue to cling to the concept that they own the gold not VZ. Even with the issuing of the permit to the new JV Subco GRZ is dead in the water and they know it. It is either continuing with arbitration or settling for whatever they can get and it won't be close the 5 billion figure Doug threw out at the start of the process.
KRY and CRRC/CREC are working on closing the deal on LC. My guess the delay is VZ related. RM has said that VZ has nothing to do with the deal between Kry and CRRC/CREC but the closing of the deal does. Until the letters from the government of VZ and CVG are completed as outlines in point (a) on page 5 of the primary agreement nothing will be mailed out to vote on.
There could be a ton of reasons for the delay but I don't think a buy out is one of them. If the plan was for a buy out then why do a PP to dilute the settlement amount? Why make a clause where CRRC has to vote with Kry management for 3 years? Kry knows the real value of a buy out will be when the mine goes into production in 2-3 years so they want to control the direction of the company until the share price reflects closer to true value.
We can speculate all day but we will find out when the decide to let us know. I don't like it any more than the rest of you but it is what it is because we have no alternative.
JJ
