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Ann: Capanda Green Ammonia Project Update, page-224

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    "Once MNB evidently shows that this GA project has a significant chance of being developed (which it doesn't at the moment IMO despite all the smiles and assurances in the world from MNB), there's no doubt the sp will take off like a phoenix. Until then, no."

    Well my guess is that you won't be waiting long for that. A JV or similar deal with a major might give the market all the signal that it needs. We know MNB has had a lot of interest so something like that could drop at any time.
    The safety net is that there is still nothing in the sp for the GA project seeing as the mc is still only a quarter of the after tax, base case NPV of the phosphate project. So little downside from the GA not getting any traction but big upside on development. You can't ask for a better risk/reward from an investment than that.
 
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