Ann: ANS: Proposed $100m Placement & Strategic Investment in Sund, page-233

In the context the rail and port infrastructure is the responsibility of Cameroon Government, and this has nothing to do with the extension of Mbalam permit. ANS/WAPRC and SDL need to demonstrate the funding for the mine project in order to secure for the mining permit extension. So time being, it is not a concern. In this case, $400 million would be from the conversion of options by both ANS and Noteholders. I guess that the remaining $400 million could be from loans with the repayment through royalty on the iron ore production.

Did you still interpret the NDI application to NDRC Shanghai as a loan? Hehehe...Look like that you have a problem in English comprehension.