Bondijim - stating “BG have got the aces” on CTP demonstrates a...

Bondijim - stating “BG have got the aces” on CTP demonstrates a lack of knowledge of the situation. IMO the contrary to your statement will be proven when the outcome of mediation and arbitration is finalised and released to the market in due course.

Legal obligations signed by PXA are exactly as stated – obligations – and PXA cannot modify these to suit their own agenda. They can try and bend them, however this attempt will not get by any good solicitor.

The course of events in a simplified manner:

1. As per the JOA/FOA CTP management had a specific timeframe in which to bring in new partners

2. CTP meet this timeframe with the addition of ROG (this is the black and white component of the contract)

3. PXA must honour this timeframe as they are contractually obligated

4. PXA refuse to honour this obligation

5. It opens a 14 days negotiation window between the parties

6. PXA still refuse to co-operate so it goes to mediation and arbitration and the costs are borne by CTP and PXA based on their % interests

7. An independent panel is selected by the President of Mediation and Arbitration Australia to review the contracts

8. The panel will review all obligations and quite easily find that PXA did not honour these as necessary

9. Panel awards in favour of CTP

10. ROG is welcomed to the party

11. PXA pay back CTP for legal costs

12. The programme moves on as it should have.

The board of PXA may continue to slow things down wherever they believe possible, and IMO this is disgraceful and highly unprofessional business acumen (to which I would be ashamed to be part of). With ROG now involved, negotiations will move more freely pending both ROG and CTP have aligned interests. Keep in mind, if any party fails to meet minimum expenditure commitments as stated by the DRDPIFR, they must forfeit their entire holding and have no further rights in the package.