I think a little bit of perspective is required for those unfamiliar with the process in Tanzania and also the Equator Principles and IFC Performance Standards.
Below is an incomplete list of milestones that still need to be achieved:
- Updated Epanko BFS (to be released);
- Mining Licence to be re-issued, and most likely upgraded to a Special Mining Licence;
- Resettlement Policy Framework (to be completed);
- Stakeholder Engagement Plan (to be completed);
- Resettlement Action Plan ("RAP") (to be completed), which entails;
- Identification of project affected persons including socio economic surveys;
- Surveys of lands and assets;
- Preliminary value of land and assets;
- Identification and assessment of resettlement areas;
- Consultation and engagement with affected persons via a Resettlement Working Group.
We will also need to make RAP payments to project affected persons. Fortunately, we have sufficient cash on hand to fund this.
Only once all of the above is completed/achieved can we advance discussions with potential project financiers.
We are not close to breaking ground on Epanko. There is still a very long road ahead.
Don't expect any timelines to be provided by management, however, they don't want the average investor to know just how far away we away from potential cashflow.
(20min delay)