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Gold/Mining/Energy : Kensington Resources Ltd. (V.KRT) * Diamond in the rough!
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To: tom eland who wrote (4193)8/4/1999 3:09:00 PM
From: average joe  Read Replies (1) of 5206
 
I'm not sure what you mean tom, but if you are referring to
a jv call, it is usually (but not always) called an AFE, or
"approval for expenditure" that is sent to the jv partners
by the operator. Should the partner refuse or be unable to
pony up the cash they might be offered 1) additional time or
2) diluted. There would be a dilution schedule in the jv
that would show how much dilution of their jv interest they
would suffer, it usually goes to zero or a preset carried
interest. I think Cameco is out of the participating part
of the joint venture and is sitting at 10% NPI, but that is
probably before development and they would need to contribute
some of the costs to or above 10% of a development. Cameco
also I believe would have retained back in rights for their
original interest and but would have to pay a penalty to
the operator for exercising their back in right. This usually
is the money with interest of what has been spent on the land
they are backing into plus a hefty penalty.

aj
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