Anyone can read the agreement between CRRC/CREC and Crystallex. I would like to point out the following from the agreement:
I may not technically/legally stating our current status with CRRC/CREC but clearly they are STILL working together to come up with a resolution that doesn't entail us going the full arbitration route. And in case nothing materializes, we have our arb case underway.
""""This Agreement shall be terminated on the earlier of (i) the date of execution and delivery of the A&F Agreement; and (ii) 5:00 p.m. (Toronto time) on July 31, 2010 or such later date as mutually agreed,,,,,,,""""
Now, focus on "or such later date as mutually agreed". Have we had a filing saying the agreement is terminated, the answer is no, therefore, we have to acknowledge mutual agreement exists to extend the agreement for now. Why?
Well, my guess is to see what can be accomplished with the angle of Venezuela and CRRC/CREC coming to terms of a joint venture without Crystallex. If the chinese/vennies cannot agree to terms with just the two of them then I say we go the long route via arbitration. If they can come to an agreement, then I believe compensation will come Crystallex's way to make a clean slate between CRRC/CREC and Crystallex. Venezuela gets rid of an arbitration case and gets to say goodbye to another North American Imperialist.
Clearly CRRC/CREC and Crystallex are collaborating to get satisfactory resolution for all parties including meeting Venezuela's needs. I believe all 3 parties are working somewhat together to get to where we all need to be. Venezuela is not blustering and saying negative statements like they did with quite a few other transnationals when arbitration cases were filed against them. Not saying they won't just saying they haven't. And based on previous examples they already would have. Crystallex has exited other projects the right way and still is working with Venezuela to formally conclude all responsibilities with the Revemin Mill and Tomi mine. I can't think of any other company than Crystallex that is working well with Venezuela even though nothing is going our way.
Lastly, legally, CRRC/CREC or any affiliates cannot discuss a joint venture without Crystallex's involvement for a period of time after the Binding Primary Agreement is terminated. Unless, of course, Crystallex agrees.
Imo, doors have been left open by Venezuela and the Chinese are going to walk in solo and try to get a deal with Crystallex's enthused support. I want CRRC/CREC to be successful inking a joint venture with Venezuela WITHOUT US.
