Ann: March Quarterly Activities and Cash Flow Report, page-52

Ethically something could be done that is borderline, if you look at it strictly from the viewpoint that Ivanhoe would be bearing the cost for a concession at Sunrise.

I concede that the that idea which is not 100% ethical. I am not endorsing or recommending that; just pointing out that the interest of the parties make it a logical speculation to consider.

These people are pragmatic existentialists. For everything positive you might want to say about Friedland, living up to the letter of the law is not a characteristic that applies to him.
Nor does the Chinese establishment always behave to our idea of ethical behavior.

Having said this, I think both parties have integrity to a high degree, within the reasonable limits of what most imperfect human beings can achieve.

The idea came to mind because of the nature of the meeting with CMC, since we are sure that both Ivanhoe Mines and Clean Teq were subjects of discussion.

Practically speaking, an understanding on Ivanhoe capex could be arranged without a
trail that could be established.

But there are a number of other ways RF could "horsetrade" on the Sunrise capex, without doing anything illegal or unfair to any parties. He has a number of private companies, such as
HPX and I-Pulse; and a deal strictly from the resources of Sunrise could be put together, which would avoid any regulatory or ethical issues that might arise from getting Ivanhoe involved.