Standard Bank, page-14

Hi Pika,

The EP3 upgrade also hasn't been mentioned in the latest quarterly which, for the same reason as stated in my previous post re Standard Bank's ongoing mandate, is very concerning. Nothing has been mentioned and we remain in the dark as far as EP3 is concerned. It could be that this has also been dumped because the work to be done to upgrade is going to take some time and will not be cheap.
I still recall the time when Jill advised that they were aiming for mid 2015 to complete. Even at that stage I gave reasons why I believed that their target date for completion was unrealistic - too many processes to go through before it gets the " tick of approval" from the likes of IMF, World Bank etc.

So it begs the question, what is going on? Is anything being advanced (except for a few locals clearing some 5km bush every month) because time is running out quickly.

As far as I'm concerned, everything has gone to shite, the EPC, Funding strategy, EP3 - it now all rides on WAL whether he can cut a deal with China which will see P&R booted to China, with China bringing in all the finance. This being the case, there is no further need for the Flour EPC (which has been killed off), or Standard Bank's mandate to seek funding, or the need for EP3 for purposes of getting funding from the likes of ADB, IMF, World Bank.

Time, money,and HOPE is running out.