barick outbids china's minmetals for eqn, page-14

Regarding the Barrick right to back-in 51% of Serra Verde, the Barrick Agreement on Serra Verde states as follows:

(c) .... The back-in right is exercisable by Barrick on or before 30 December 2008.

So I would read that as indicating that Barrick no longer has any back-in rights to S.V. It has expired.

Also the fact that it has not been mentioned by AVB strongly reinforces that fact.

The only niggling reservation I have is that Apoquindo were required to make a schedule of payments to Barrick (and drilling commitment), the last payment being in Nov 2010 for $300K and I have searched and found no record of the payment?! (Apoquindo is a wholly owned subsiduary of Avanco.)

Were the payments forgiven due to GFC, or was some other deal done?

However it appears Barrick do have a NSR as follows

(d) In the event that Barrick does not exercise the back-in right referred to in (c) above, Apoquindo must pay to Barrick a 2% royalty from all mining results and production from the Serra Verde Project
after deducting transportation costs, taxes and refining costs.

So... unless some Agreement exists that has not been made public, then I suggest AVB owns Serra Verde with no back-in right by Barrick. Yay! So...reeeeelax! and enjoy drill results due before end of month.