drop, page-6

"Re Drop?"

It could have something to do with July 4. i.e. Instos still on holiday.

"When do we expect the M/L?"

CGNPC has said it might make another takeover offer after the 3mth limit imposed by the UK regulators has expired (that's about 5 weeks away). RIO has also expressed interest in Husab.

Its understandable for the Nambian gov to delay the ML due to uncertainty over the ownership. I would expect the mining license to happen either after a takeover has happened or when RIO and CGNPC say they are no longer interested in Husab.

That's because the development, infrastructure, approvals, deals, etc. depends on who ends up owning Husab. It is preferable for everybody's plan to fit in order to take advantage of the synergies and to avoid conflicts over existing infrastructure.

I understand RIO's plan involves turning Rossing into the processing plant and installing conveyors to deliver the ore to the plant. EXT's plan (ie the current submitted ML) has the processing plant next to Husab's pit 1 & 2. I think Epangelo is interested in processing ore as well as cost adding (eg reprocessing, fuel rods, reactors, etc).

I think RIO's plan is the best because they already have the plant and the depleted Rossing pit would make an excellent tailings pond for expanding production. This also confines the waste to one place.