hey marc, page-16

I think one and all pretty much agree re your sentiments on Mumbwa Tas.Ive already said numerous times I dont hold a great deal of hope due to prior understating of results.Aim would have been jumping up and down all over the shop if there was something good to report.We all know how hard it is to come up with a decent IOCG deposit.If there is one there its more likely further west under the national park which will be a no go zone.

Management issues have been discussed prior suffice to say these prior personel were not going to be much of an asset in the coming years if Perkoa is to have good liason between management/contractors and investors.

Im not going to make any excuses for the company.Most here would know unless you have a proven track record there will always be pitfalls along the way for a company transitioning towards being a producer.

Imo they have had some trouble with the CONTROL of the rudder because the Captains always been the one on deck having to do the steering,hence the slowness in the project developing.The logistics are not something to get wrong espc when one has to transport this amount of product such a distance.If they get it right it will contribute to a much better bottom line.I hark back to all the issues Anvil had with getting their concentrate from Dikulushi to the smelters.I also seem to remember that Anvil investors wernt told until much later in the piece that the nearby Zambian smelters(which would have been a much cheaper option logistically were not appropriate,for whatever reason)were not going to be used.A case of MISLEADING the punters or a form of damage control via no news being better than negative news?

Id rather see an extra month taken here and there getting such detail(logistics) right so the main game goes smoothly.Perkoa has only 2 options,train being the much better option.

Anvil managed to get Dikulushi up and running with just the MD and that was without decent contractor input as Aim can draw on with DRA/Byrnecut.

Finance will depend on the offtake as one is not going to get 80 odd million debt without guaranteed revenue flow.

I'll say it once again Tas if the projects good enough it will eventually make hay if the company is persistent enough even if the rudder is sometimes not pointed quite in the right direction.

d.