Well said RedRock.
I disagree with Teut and anyone else that says the Chinese have failed, until you see a PR from the company stating otherwise, do not believe it.
Call it a conspiracy if you wish but I see this "termination" as a bluff by CVG that only helps the biggest benefactors of this JV deal.
I've got my ticket too and I am not selling it for 15 cents on a dollar to the sharks. In fact I would be buying more if I had the cash. Sadly I did not see them pulling this stunt but it's a smart and legal "business" (as EZ would put it) move on their part and since the VZ government is nothing but corrupt, I wouldn't expect anything less from them.
It's called CURATIVE for a reason:
13.Should Crystallex fail to fulfill the daily production or grade average contemplated by the annual production plan for reasons other than as contemplated by the agreement (example: force majeure), Crystallex is simply required to compensate the CVG for lost profits (royalties)otherwise payable. The transition teams have been on site for the last several days completing inventory, reviewing data and finalizing the delivery of possession to Crystallex. The contract may be terminated unilaterally in the event of the inactivity of the Project for a period of one (1) year without just cause. Any breach by either party will require a written notice of breach invoking a ninety (90) day curative period.
Remember the arbitration deadline could come and go and we're still in the curative period. They can wait until the last day if they so wish.
