Ann: PDL 10 - Initiation of Arbitration Proceedings, page-7

Well, why hasn't it?

Its been negotiating and negotiating for months with no resolution. 

There is a reason why companies like HZN go to arbitration - its because they could NOT resolve this matter via negotiations.

What you wish for and what are the facts on the ground are two different matters. 

I am reading the fact; that is they lodged notices to take PNG to Arbitration.  

You think the Minister is going to back down?!?  Of course not. 

You think the JV will change its mind?!? 

Certainly not after lodging these notices.  If they back down now, after lodging these notices, the Gov will walk all over them. 

If they were going to change their minds, they would have negotiated to the last minute, get as much as they could and then make a deal with PNG government (give in if you like), rather get the lawyers involved to stop the Minister from canceling their permit. 

Now, the Minister's public image is at stake.  He is Not going to back down now. 

Seen this a few times and this (IMHO) is going to take up to five years to resolve.