Ann: Quarterly Activities Report, page-5

Re above comment, the uncertainty around the mine life for the South Dune mine is because BSE has never said, to my knowledge, what the mine life is. I say this because BSE announced in 2017 that reserves for the South Dune mine have been increased (from memory by 19 per cent) but they have never said what the the mine life is expected to be. I think that the market might be thinking 2021/2022 (BSE mkt cap equals approx the discounted cash flow from the South Dune/Kwale  mine with little value attached to the Toliara project) but if the South Dune mine life is in fact longer (say 2024), then this, I think, would be a positive for the BSE share price.