jindal steel and comibol, new factors, page-21

"that someone had first rights to reinburse RAU to 75% of costs."
Cabinets you did recall that there was mention of 75% in the original deal but unfortunately it is not all that simple.

The main details of the purchase agreement announced back on 7 April 2008 are as follows:

• Republic pays no money upfront to Vista Gold and will eventually pay Vista Gold US$3,000,000 plus a royalty after the Project reaches commercial production.

*The Company pays Vista Gold no cash upfront and will pay three equal payments of US$1M, the first once commercial production has commenced at the Project and then on the first and second anniversaries of this occurrence.

*Vista Gold has a first right of refusal over the Project. Vista Gold also has a right of repurchase of the Project if the Company hasn’t completed financing to put the Project into production within 5 years of the Closing. Vista Gold will pay the Company 75% of the aggregate costs incurred by the Company on the Project if this repurchase right is exercised.

Now the critical point is that Vista would have to exercise its repurchase rights for that 75% clause to become relevant.
I certainly cannot see Vista being the least interested in buying Amayapampa back. Things have dragged on too long now and have seen very little advancement in the last 12 to 24 months unfortunately.

So no rescue bid. No White Knight charging to the rescue.

In fact if Vista had been happy to offload Amayapampa to RAU for US$3 million plus a royalty up to the first 720,000 ounces produced then that probably gives an indication of what it might be worth now. Perhaps even less.