Ann: Goulamina on Schedule Post Discussions with Mali Government, page-412

And we keep talking about this as a $2.9BUS NPV but this was based on $1250 and $900 long term prices for spod. If you adjust these numbers up slightly the value of the project goes up, especially the early year prices.

So we are very much undervalued because of the Mail factor at the moment. If we can get some clarity and firm responses on all those points Simon outlined with the various government ministries, it would go along way to mitigate the unknown and reduce the risk.

At the end of the day I don’t believe that the Mail government wont want this development to succeed, especially as they will have a direct and indirect interest in it.