"Why would we agree to JV with CRRC without any assurance of the Environmental Permit? Why would you give away 2/3 of the company for nothing?"

You answered your own questions: "KRY on the other hand, has too much to lose if CRRC is unable to secure the needed permit."

KRY gave away everything, without any real assurances, because it had no other options. It was either bankruptcy or try to align with some politically acceptable partner like the Chinese or Iran.

KRY and the Chinese may have sought assurance but they never got anything on paper and now Chavez is holding up the permit like he has for the last several years because granting the permit does not yet meet his political needs.

The JV can not be completed without the permit. The Chinese and KRY may want the JV to go forward but apparently Chavez is still a permit Grinch.

If you believe it's KRY who is holding the up the JV I think you may have been drinking too much spiked eggnog.

My suggestion is you try to avoid thinking about KRY for a while and just enjoy the holidays as best you can.

Cividale