RE:FYIHere is the answer I got from Temex this week related to this remaining payment from Goldcorp:
Goldcorp and Temex approved the current program in January. Due to the downturn in gold this year they slashed all costs including all exploration and many personnel. Timmins was hit especially hard due to high all in sustaining cash costs. On the Goldcorp quarterly call last week, Chuck Jeannes praised the Timmins Porcupine division for the most improved cost structure in Goldcorp global. As part of that cost cutting, they informed us they would discontinue making payments on the current exploration program, however, and as per the deal, they do retain the right to make them so at this time we simply put it on the books as an accounts receivable. In other words, at this time it remains an interest bearing debt to Temex until such time as the program is finished and notice is served and responded to. What it means is there is a potential increase in interest in Temex’s favour OR the JV remains at the same working interests.
Cheers,