My read as well Fossil. First a FN agreement between FN/Gov’t, than IBA and only after that happens will we see private money step up. Might be lots of guarantees/MOUs/LOI etc going on behind the scenes to make the above happen but there is NO WAY a private company is going to let a billion plus dollars of equity get tied up as leverage in the FN negotiations. To many examples of the FNs and Gov’t being willing to screw over anyone they can to get the deal they want.

.... Been There