No one has ever said when or where the Chinese ever spoke directly to Chavez about LC or a JV with KRY.

KRY stated meetings between the Chinese and Ven officials were held (twice) and that assurances were "sought". But seeking assurances is much different than getting assurances.

KRY stated that the Chinese and I assume KRY were told that Ven looked "favorably" on the proposed JV. But, if that was true, looking favorably has not meant much since the permit has not been granted and KRY is 8 months past their stated deadline of when KRY expected to close the deal with the Chinese. No permit no deal seems to be the position the Chinese are taking.

KRY has admitted that they too are waiting to see how "favorable" Ven feels regarding this proposed JV. Richard Marshall told me he hopes to know by the time Fung returns from Ven. That should be within the next 3 weeks according to Marshall.

My feeling from Marshall is that they are not expecting to get the permit or JV only that they are hopeful and they are only hopeful because no one has given KRY an official, "no".

Simply put, all is not good.

Cividale