RE:Why I believe the arbitration has leverage I believe ETG will be a memory before arbitration occurs. RT won't chance having a decision by arbitration that as 14 years have passed and no decision has been made the joint venture agreement terms have not been acted upon thereby rendering the JV null and void. ETG can then pay their share of exploration expenses plus interest.
ETG can't mine the north property without RT's existing infrastructure but they can sell Heruga to a third party.
ETG could also sell the north property to RIO probably for more than they would get for their existing 20%.
The next 3-4 months will be interesting for sure.