Ann: Market Update, page-45

I tend to agree with your take on the arbitration creditor.
The sort of company structure FFX had would be pretty similar for miners in Mali and likely Africa.
Local company owned by foreign interests with a % owned by the government.
The creditor is a large Mali business and would know or would be expected to know and understand the implications of ths set up. They are not a mum and dad type business. They probably even had their solicitors look at the contract before it was signed.
What we do not know is whether FFX staff were deeply involved with the contract and what, if any, representations were made by FFX.
They may well be just trying to squeeze some cash out of us.
Its hard to swallow capital gains tax payable by FFX and LLL.
If the bill is more than the cash FFX have then they will have to sell some LLL shares.