EZ, I think you might be missing some key components in your valuation although you probably already know this but some may not. You are right, KRY can claim lost profits in arbitration. However, they can't stake a claim to all 20M ounces. Their mine plan doesn't call for that. I can't remember what the latest mine plan called for but they can only calculate what they planned on mining each year. Anyway, the plan is also only for 20 years with an extension if agreed upon which it wouldn't be by VZ. So for example, if the plan was for 200K mined a year for 20 years, that's only 4M ounces of gold extracted over that 20 year time frame. And with roughly 40% in taxes and royalties going to VZ, that amounts to $2.4B at $1,000/ounce gold prices. Of course you'd have to discount it back and all that jazz. I'm guessing that is how Fung arrived at his $2B figure. You can't have a plan for 200K ounces a year and then go to arbitration and claim you are losing profits on 1M ounces a year. That doesn't make sense. And remember, if Fung is throwing out $2B in public, you can bet that is the high side, not the low side, of the negotiating process.