Ann: Exploitation Licence update-IBG.AX, page-46

Have to fess up VLF, twas me predicting receipt of the mining licence by the end of August, then September and am now going to stick my neck out further and say by end of October. These guys are back from the their summer holidays, have issued the IBA so it is just process now as Potts inferred. Am gobsmacked how long these last little steps have taken given the environment, public consultation and IBA elements had all been agreed back in early July.

As regards the royalty issue, my understanding is that it was sorted with the release of the Impact Benefit Agreement so we're only waiting on stamping and signing of documents, as far as I know.

Wish the market would settle on the zinc price though, been rather skittish of late. Would much prefer it to be closer to $1.10 than $1.00 when the licence is received, which should be this month