"I often wonder if a complete buyout is possible by the Chinese prior to the issuance of the permit. If they have the definitive agreement signed and think the permit is in the bag why not?"

IMO,
the MOC has no value in KRY's hand; evidence: Chavez refuses to issue the Permit to KRY. I certainly don't see Chavez letting KRY have 1/3 ownership and $12 share price going forward as some have suggested. A bid for KRY without the Permit would invoke the Shareholder Rights Plan unless it met Fung's Arbitration target of $2B or $6/sh. The prudent thing to do for the Chinese is to move the MOC to the JV and make a bid for KRY under the terms of the JV, in the $2/sh range. Arbitration no longer applies and if the BOD cannot find a superior offer, the Chinese can petition the KRY Regulator to have the SRP set aside. Chavez will have KRY out and the Chinese full in with the permit conditional on this basis.

Regards