Ann: Bumamani PFS supports extension of Kwale mine life, page-7

Re question above about mine life coming too an end, Sandfire Resources (SFR) is an example where its highly profitable copper mine in WA comes to the end of its life around mid 2022. It is investing in a new copper mine in Africa (approx half the production of the existing mine) and has a copper project in the US. It has been exploring heavily around the existing mine without success. SFR has been accumulating cash over time and, unlike BSE, has not been handing this cash back to shareholders. SFR is facing an earnings cliff in 2022/23. Its share price has been fairly stable but significantly under performed relative to OZ Minerals (for example) in the last couple of years.