Hi Frank,
I think what we may be witnessing is a three way chess game during which some pieces were lost by all. Now we may be approaching the part of the game where we will see who had the best strategy. It is not the number of pieces left on the board that is important, but the position of the remaining pieces.
I still think that a win-win-win is possible and likely for PDG, KRY and the people of Venezuela. The elections are in the way, so it could take a few more months for a resolution.
Placer has now come out and reaffirmed that Las Cristinas is important to them. Whether this is posturing to extract compensation from Venezuela if things don't go PDG's way or to make some noise for the benefit of its shareholders, I don't know.
Despite the view held by some that PDG is out, I would not count them out at this time. They can still manage to make a deal. ABX has come out with a good report card today and PDG will have some pressure (institutional)to do better than they (PDG) have done in the past.
The delays that KRY is experiencing in all their initiatives in Venezuela is likely, in my view, linked to a potential deal with PDG and MINCA/CVG, ie. veta rights for Albino, resolution of the Carabobo package, a rumored 5000 hectare package, etc.
Just my guess! |
