Doesn't read well, page-65

Put add an element of perspective from the mining industry. Suppose you were an explorer and discovered a nice mineral deposit and the capital cost of development was one billion $ (about right for a modest deposit). But the Government of the host country told the explorer OK put the money in but we can only give security of tenure for three years. After that you have to apply for renewal every three years and if we don't like you we will not renew the licence, and since you cannot take the deposit away, it will revert to our ownership over time. No sensible mining company would risk shareholders funds on such a venture. But that's exactly what LYC did. So the former Chairman has to accept some responsibility for the current predicament LYC finds itself in.