Ann: Arbitration Update, page-59

AVZ can just say no to participating in arbitration; the critical difference between arbitration and court is that arbitration is consensual and you have to agree to participate.If you don’t participate, then the arbitration case can actually still role on with zijin stating their claim and a decision can be made , but the arbitrator has no power to bind you with a decision if you aren’t in participation ; so if a decision was made and wasn’t in favour of AVZ ; then AVZ could appeal that decision.

I view this arbitration as just being a pain in the ass which AVZ are going to have to go through the motions with to get them off the table and shut them up ; otherwise there’s probably always going to be that doubt there in investors / funds / potential JV or others minds about this Zijin thing that they keep on rabbiting on about . Unfortunately that we need to waste our time on it ; but how and ever , we have to the legal quality behind us , so just get it over with .

Always a risk of course that it won’t go our way ; but it’s not 15% that we actually currently hold