"Perhaps Fung missed his oportunity earlier. 45 % in a J/V would probably have been better then 100 % of nothing."

Accordng to Richard Marshall KRY was never asked to change the contract or, specifically, never asked to change the percentage split. Now, you could argue that KRY should have offered to take less, but I don't think changing the financials would have mattered.

Looking back I think it's fair to surmise, for political reasons, not financial, Chavez never wanted KRY to mine LC. He only wanted to suck KRY dry paying for infrastructure he didn't want to pay for himself. He also wanted to use KRY/LC as a carrot for the miners in the Bolivar state. It's easier to promise than to deliver on that promise and you can string along hopeful dreamers (and I put myself in that camp) longer with a promise than with the actual building of a mine.

Who knows, maybe the political winds shift again (possibly with the death of Chavez) and KRY is once again in the game. But I doubt it and time is running out to pay off the debt.

Cividale