Redrock, your point is valid, but entirely dependant on Hugo actually letting the Chinese mine LC and LB on decent terms.

If you are sure that will happen your scenio is valid, but considering that Hugo just pulled the plug on their deal with KRY without even the courtesy of telling them it was going to happen, it can't give you confidence that the Chinese are still in favour for this deal.

I think the Chinese will cut their losses and walk and the fact that they have been apparently already trying to secure a permit now for many months without success doesn't make me feel they have the "preferred" status at least in respect to gold mining.

The Chinese aren't there to make friends. They are there to get resources on the best possible terms and if those terms are not favourable they will walk away, which of course both GRZ and KRY should have done years ago!