CJR, it would be great to know if anyone from CRRC was on the Chinese tour. If Hugo is hell bent on doing JVs with the Chinese on all sorts of mining it only makes sense it would be a Chinese company closely associated with the Chinese government.

A possible bonus to our deal with CRRC may be that once we form a JV company, the company will become part of future mining projects. VZ has said they want LC and LB to be one mine. If they combine them we would get a slice of that action as well.

Even if the CRRC/KRY new JC company starts doing partnership JVs with VZ on a 50% basis our share would be 16%. This may even be the reason VZ will honor our MOC and give our new JV the export lisence we need for spot price sales.

If any of this becomes reality then our concerns about giving up 66% to CRRC at a fraction of the value will seem like a great deal.