Hello CJR.

I read the Gaceta details pertaining to Bizkaitarra. Your are correct, it is a significant development:

(1) it nullifies Venezuelan claims that mining in the Imataca Reserve is illegal. In contract law (from my day to day dealings in business and after speaking to my corp. lawyer) a Government agency or proxy can't legally, without fair compensation, deny some party's (KRY and GRZ) and then allow other groups, such as the artisan miner groups, from mining without creating a legal situation that negates Venezuela's initial decision to rescind/deny the permits. In essence, Venezuela has provided KRY's lawyers sound reasoning to further a strong arbitration case. Unless Venezuela does not understand the consequences of their actions to this granting of designated concession(s) then either they intend to compensate or intend to provide the permits.

Irrespective of what they may decide to do vis a vis KRY, it is a positive development for KRY from an arbitration perspective.

In light of current developments - completion of community projects then I would suggest this decision by Sanz can be construed as a step in the right direction.

Teutracker