re: Ann: Canadian Major to Earn Back into Las... Spending at Las Openas was specifically $500k by GMD.
Under the agreement terms, Teck had the right to earn back by paying 4 times what GMD spent on the project multiplied by the % earn back up to a maximum of $1.2m
So GMD spent $500k
To get back in Teck owed GMD :
( 500,000 * 4 ) * 0.6 = $1.2m
which is all in accord with the deal announced in April 2011.
GMD did well enough to prove a resource that Teck wants to expore further.
** The numbers are bigger, but the same scenario applied to Poncha. The expected spend by GMD there is $5m and the expiry date is 31 Mar 2014.
Ann: Canadian Major to Earn Back into Las Openas , page-5
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