the burundi deal, page-20

The bond was a performance bond, similar to a rental bond. i.e if you don't do what you are supposed to do you lose the bond.

For Sydneysider and anyone else whose head hurts the state of play seems to be as follows:

1) AGY had an agreement through Andover with the Burundi Government to bring Musangati to a BFS within a certain period of time.

2) That time has passed.

3) They were also required to bring in a JV partner.

4) They have recently gone over after finally forming an agreement with a JV partner (my speculation - but now that Ni is 10x higher is highly likely) and said please please pretty please can we extend the agreement we signed back in 1999 under the same terms and conditions as we are serious now and have this big company to invest with us.

5) We are waiting on what the Burundi government says. We don't know how many other companies are jostling for a piece of the action. The ball is in the Burundis court and they will decide what happens with their resource.

AGY would not be sitting on 75c if this negotiation wasn't so critical. As I stated previously, if the extension was not required a BFS would be underway as we speak.

If share price is any indication:
$2-$5 they have the resource
60-90c maybe, maybe not
sub 10c they don't have the resource