extract cfo - talks to the namibian, page-8

I see things a little differently regarding Epangelo and the 10%.

I think the Namibian Government sought the 10% agreement from CGNPC before awarding the ML. I believe they needed to cover all bases with all known potential acquirers before announcing that mining could proceed. (As an aside, I wonder what would happen if someone unknown to them tried to take Extract over - and they had no 10% agreement with that entity?)

If looked at this way, CGNPC needed to make the agreement, rather than made it because they are confident of majority control.

I agree that Rio is the natural operator for this mine, whether via JV, or outright takeover.
I also think that the Project cost assumptions for a merged Rossing and Husab operation will differ significantly from a standalone operation - possibly significantly enough to trigger a takeover before construction begins.

It makes quite a bit of sense to me, for Rio to act as a toll operator for the early ore production, as this produces revenues much earlier than waiting for the mill to be constructed, and reduces the total project funding required. I'm sure that Extract has considered this option.