The matter is of legal opinion.
"PTQ owns the right to explore and mine gold deposits (when greater than 50 percent of the present value being derived from gold or other precious metals content) on Inmets Land provided such rights do not impair or impede Inmets ability or interest to exploit the copper deposit. Inmet own the right to develop any copper deposits on the existing Molejón property. PTQ pays a total 5% NSR to Teck & Inmet on all gold produced on Inmets copper lands."
On Inmets Land, 1BP believes PTQ has the right to take any gold found in gold rich zones where copper and other base metals make up less than 50% of the tonnage. He suggested that PTQ could assign a team of miners to shadow Inmet and take away some of their gold should it fall into the above criteria.
However, it of my opinion and many others that the above statement is referring to all land outside of Inmet's Cobre deposit. I consider that PTQ would be impeding Inmets ability to exploit the copper (Cobre) deposit if they were to mine gold from it. I think the existing resources are all Inmet's, but any new zone deposits would be subject to the above criteria. Not much incentive for Inmet to be exploring unless they can identify copper rich zones.
In 3-5 years time, I speculate that Inmet will acquire the Petaquilla Gold subsidiary. Fifer probably knows that the entire Ley Petaquilla concession contains more gold than copper and will be able to take all the cookies and leave Inmet with the crumbs. I'm sure Inmet shareholders would be in outrage if/when they find this out. The Cobre projected is scheduled for 2015 production.
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