For me, this is the nub. The Chinese are not going to do anything without the permit. It may be a temporary standoff - maybe Hugo figures he can bluff his way through this - dangle a carrot, then whisk it away when the money's in his pocket. It may be that he's taking his time in realizing that this time around, nothing happens until he delivers. A worse scenario would be if he's happy for now having the railways and other stu built, and there's no need to get LC up and running right away. I don't think that's the case, from the stuff I've seen, but then again, this isn't just two companies doing a deal, it's two or three countries doing a treaty, so, literally, time will tell.