So there are two factions gunning for Las Cristinas; the Russian/Rusoro Clan and the China/Crystallex Clan.

Each says it is promised to them. If each thinks it's a fait accompli, what's the reason for the hold up? The RR Clan says the hold up is because Vz is looking for a legal way to get around the MOC. The CC Clan offers no reason and preaches patience.

Now page 20 comes along and we interpret it to mean that the A&F cannot be signed off on before CC gets the permit because if the JV gets the MOC pre permit, then Crystallex will have no legal recourse if Hugo breaks his 'promise'.

Now if you were in the CC Clan what would you do to break the logjam? I would ask that the Vz government put their 'promise' in writing. If we assume this has been done, then we can also assume that Hugo has refused to do so.

This tells me that the Vz government's alleged enthusiasm toward our JV was/is nothing more than a thinly veiled ruse to checkmate our arbitration option and therefore coincides with the RR Clan's reason why the permit has yet to be relegated.

In conclusion, I say we're not getting the permit, so it's on to a buyout or arbitration.