Fringe, your question re Impasco/Imidro meeting their obligations is a good one. Personally I am not clear exactly what they would be apart from fulfilling their role of technically overseeing the project to the handover of the Exploitation License in order to protect the national interest in the project.
In so far as their obligations to the project, well they have clearly not met those which have been to resolve the ownership of Mehdiabad Zinc Company and transfer the license to MZC.
Given that the EL was granted Dec 2005, thereby tacitly acknowledging the work done to date, with condition of preparation of feasibility study, delivered in first half 2006, it is impossible to see how UCL can be said to have failed to deliver.
We know that Iranian interests are desperate to get production after the closure of one of their key mines in November. So it could be a brutal shot across the bow or we really may be about to get shafted. If we are shafted it will certainly be against the terms of the contract and the law.
Banker asked about the meeting with the Department of Mines. All we know at this stage is that it has been requested and UCL hopes it will occur before end of 2006. I presume there is no Christmas break to cause delays in Muslim Iran!! : )
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