Syncrude, perhaps you should look to the differences between having property ownership and partnership interests. CVG does not need to earn 30% of Las Cristinas. Subject to KRY claims, they already own 100% of LC 4,5,6 & 7. PDG came in among other bidders as their partner via MINCA which owns work contracts. MINCA has no ownership rights. CVG was to contribute 30% of the cost of the PARTNERSHIP, not earn 30% of the property. That is not something subject to dispute. In fact, if you recall, PDG at one point offered to ADVANCE CVG it's share of development costs when CVG said they didn't have the money. The offer was as it was because PDG had only work contracts via Minca, not any property ownership. For PDG to buy a property interest would have required approval of MEM and the National Assembly.
Why the Vannessa Web site says something else, I don't know and I don't care. If you do, call them. This could merely be a matter of interpretation of the advance offered by PDG. Just guessing, but maybe CVG earns 5% until their carried cost is paid out of earnings, at which point the 30% would be considered funded. Again, that's a partnership consideration and NOT PROPERTY INTEREST.
I still find it interesting that in the history of this matter, PDG never once described the arrangement as follows:
"Presently CVG holds a 5% interest in Minca with an option to earn up to a 30% interest. Under this structure, Vannessa's ownership of Las Cristinas presently stands at 95%."
"Ownership" is the word I question.
vannessaventures.com
If Vannessa is playing word games here, so what? I don't believe they will ever mine any gold at Las Cristinas and may even have damaged their chances of exploiting their other properties at K88.
Again, subject to KRY claims, court analysis and/or new/future agreements to the contrary, CVG owns 100% of Las Cristinas 4,5,6 and 7. MINCA's interest might be 5% or 30% of the partnership income, but that does not give Vannessa 70-95% ownership of anything but MINCA's income stream, IF THEIR RIGHTS ARE ACKNOWLEDGE BY CVG following the expiry of the contract extension two weeks ago. |
