“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”

You are missing the point here... KRY has not agreed to the JV yet because they don’t want to give away 2/3 of the assets for nothing... I believe that KRY management is waiting for some type of assurance from VEN before finalizing the JV with CRRC.

“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”

This might be the case... If fact, this is the only scenario that makes any sense. According to RF at the latest general meeting, VEN/HUGO looks at KRY/CRRC JV “very favourably”. Since JV is deemed to be acceptable in the eyes of Hugo, what could possibly be causing the delay? Is it CRRC? Why would CRRC not want to JV with KRY since they have very little to lose. They get 2/3 of KRY by virtually doing nothing. Is it KRY causing the delay? Absolutely... KRY has too much to lose by committing to JV with CRRC without any concrete assurance of the permit. Our arbitration time frame is edging closer and we are running out of time... by going all in with CRRC without the environmental permit means that we are not even considering the possibility of the arbitration...

“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”

Not true... JV can be formed between KRY/CRRC without the permit. RM mentioned to me previously that there could be a clause stating that CRRC will be responsible for obtaining the permit within one year of the JV agreement. The JV agreement will be null and void if CRRC is unable to obtain the necessary permit.

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

Not yet but I will have plenty of eggnogs tonight...

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

Likewise.... enjoy the holidays and hope that we will see some good news in the New Year...