ArbitrationSo time is finally making push into shove on getting the Mongoluan's and Rio's attention about no IA treatment and no final JV signed.
I'd say a settlement or buy-out is 98% likely, the jeopardy for OTLLC not having earned their 80% of the JV lands is a huge threat. Negotiations for 14 years? Hello!
Buy us out. I'll take $4.
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VANCOUVER, BC, May 26, 2022/CNW/ - Entre Resources Ltd. (TSX: ETG) (OTCQB: ERLFF) (the "Company" or "Entre") announces that it has commenced binding arbitration proceedings to seek declarations and orders for specific performance relating to certain provisions of the Equity Participation and Earn-in Agreement (the "Earn-in Agreement") with Turquoise Hill Resources Ltd. ("Turquoise Hill") dated October 15, 2004, as amended and subsequently assigned to Oyu Tolgoi LLC ("OTLLC") and the Joint Venture Agreement appended to the Earn-in Agreement (the "JVA"). The parties have been operating under the JVA's terms since OTLLC completed its earn-in obligations on the Entre/Oyu Tolgoi joint venture property in Mongolia in 2008. Both Turquoise Hill and OTLLC are respondents to the arbitration proceedings. The commencement of arbitration proceedings follows ongoing discussions with Rio Tinto International Holdings Ltd. ("Rio Tinto") and Turquoise Hill regarding the potential for finalization and execution of an amended JVA. As previously disclosed, the Company's primary objective has been to advance amendments that it believes align the interests of all stakeholders as they are now understood, and upon finalization and execution, confirm the transfer of the Shivee Tolgoi and Javhlant mining licences to OTLLC as manager of the Entre/Oyu Tolgoi joint venture. While the Company remains committed to continuing discussions with Rio Tinto and Turquoise Hill, the Company's Board of Directors has concluded that absent near-term prospects for a finalized agreement, the Earn-in Agreement and JVA must be enforced without further delay.
The arbitration is being commenced in Vancouver, British Columbia under the International Commercial Arbitration Act (British Columbia). The Company will provide updates on the arbitration as developments warrant.
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