Ann: Suspension from Quotation, page-47

"So without sounding like a broken record, the successful build of the plant and its projected outcomes would do wonders for MNB surely".

I actually agree with you on this one Davo. The company is now at a point where you either believe it will deliver (and invest accordingly) or you don't. Interestingly enough, the article you posted, which highlights how a project in Africa can fail, actually highlights the importance of investing in African agriculture.

From your linked article:

"On-the-ground interviews with farmers and other key stakeholders in the two countries where the projects are most advanced – Kenya and the Republic of the Congo – show the company is significantly underproducing. Data analysis in Kenya shows that Eni has failed to reach even a quarter of its 2023 production targets, while, in the Republic of the Congo, Eni’s projects have been languishing at the pilot stage for more than 18 months."

The biofuel (derived from farming castor for castor oil) project is relying on small holder farmers in Kenya, who are significantly under producing crops inline what what Eni were expecting. Minbos is developing a fertiliser product that has been proven over many years of field trials to drastically increase crop yields.

"Testimonies from Kenyan farmers, gathered by T&E, show that Eni has subcontracted a complex network of brokers and cooperatives, leading to inefficiencies and disappointment for thousands of small-scale farmers who do not receive adequate support or revenue. Additionally, the worst drought in 40 years has severely affected harvests"

Farmers are not receiving sufficient support. This is something Carrinho Group (our offtake partner) are addressing, they are providing education and fertiliser to increase small farmer crop yields.

Thanks for posting such an interesting article.