Imo the cancellation of the JV under the terms of the Term Sheet...

Imo the cancellation of the JV under the terms of the Term Sheet agreement announced during December it was a late attempt by the previous board of LCY to try to undue with the help of HAW what they have done, which is to have given on a plate control of the Mt. Bevan Project to NMCD.

If that was done with the consent of NMCD, which is very doubtful, then somebody higher up, somebody in the Indian Gov, must have vetoed it.

They have the money for the financing and they are not going to spend it without having at every single point in time effective control over the project.

If under the terms pf the JV HAW can veto the development of the project then the removal of such right it will be the object of the negotiations. Being that the case, the question is how much are they willing to pay and how much is HAW asking?