suspension , page-248

Hi Angor, you raise some good points.

"no one knows exactly what is going on. mngt would have better understanding but even they would not have complete picture."

Totally agree. I think goal posts are being changed and IMO they are Chinese issues and I doubt whether it is a Hanlong one. (Based on the articles re authorities wanting partners involved - sooner than later is my read)

"on two occasions now the chinese have this teed up for completion a cert vot by someaccounts first in 14 dec now 1st feb and at the last minute they delay."

A good point. It does not smack of fear of an alternative counterbidder as Matt suggests, (makes no sense to me at all) but more about the Chinese being comfortable with the Convention/Permits and/or Steel Mill offtake and investment (whatever that level of investment that may be)

"everything is known, approvals are obtained, africans eager for the project to kick off, massive discount to original offer sealed and delivered, two banks lining up to offer finance for sdl purchase.

2 additional months to get steel partner onbaord.

and we are told now potentially extra 5-6 weeks needed....what for

something doesnt add up..."

I think that a Chinese commentator did state that it might take a bit of time to organise the agreements. I cannot see that the Chinese will backflip on CDB undertakings on finance. That IMO wont happen.

"I agree on the surface there is no indication what so ever that there is anyone else interested. and cmon, still parties in the data room ...what are they checking"

I agree that it is unlikely for another bidder to be there. If that is so, it explains why Sundance is going along with the frustration. They are doing the right thing by the Africans and wont burn them because of Chinese issues. Credit to them. We will live to fight another day if the Chinese reneg. I seriously doubt that is the case.

If we get an indication that NDRC will extend then I think we are good. Delayed, but good. If they say no extension, then.....

We have a good project but it is an expensive one. As much as we all hate it, I really think we need to keep a level head.