Ann: Chairman's Letter, page-15

Agreed.
Something doesn't add up despite the assurances. The underlying problem has not been explained in the Chairman letter. Who would think we would still be trying to raise a paltry $300 million on such an attractive project after four or five years of negotiations? What is going on? The Board in my opinion must have rejected many offers over this period. Why? Have they been hanging out for better deals and have been left beholden to the African financiers?
A letter of assurance from the Eritrean government and ENAMCO of their support could be a starting point for the Board.