Ann: Cabinda Phosphate Fertilizer Project Funding Update, page-315

I actually find it very positive both the Bank loans and the SWF investment are still ongoing though taking longer than expected. Africa is not like Australia, the loan/investment process is a matter of jumping over hurdles until approval at the end. The IDC loan seemed to take for ever, many assumed that meant it wasn’t happening - we all know the outcome was positive.

The fact that the loan/investment process is still ongoing means it has passed the various stages and I suspect it is very close to that final hurdle. If it had been rejected at any stage it would be market sensitive & they’d have to report it.

A sea of red on the market today, but very little volume on MNB, I think the market knows if it’s Africa expect delays, but good things come to those who wait.