GW - I think the institutions will want to wait on some more clarification beyond even the quesion of permit or no permit. VZ is walking a dangerous line here by soliciting a great deal of invesment in social structures and the taxes/bond which they confirmed was the final requirement. The fact they accepted these funds puts them in a very bad light internationally now that they have broken the contract.

Instututions were caught as we were but they will need to do an assessment of what they can get out of KRY with no renumeration from VZ and then gamble on what else they can get. They will place their large orders but ask the MM to get them the best price so we may see manipulation on the upside.

While it seems apparent this move did in fact come from the top and they intend to stop mining in this area, I still cannot believe they will just leave KRY and GRZ high and dry. To do so would damage them in the eyes of foreign investors more so than anything else. This would be the same as nationalizing the mines with no fair market payment..something they have not so far done in any other nationalization moves.

So I think instututions will be analysing and weighing this to see what is possible. It is most certain there will be legal battles and in that there will be speculation as to what that may yield.