Ann: Cabinda Phosphate Fertilizer Project Funding Update, page-403

I presume that I am the guy, or some poor schmuck you referred to who flew all the way to Angola and I repeat my earlier report to this forum ; that I was very comfortable with the MNB team and their ability to perform and get all issues over the line,,,,,,

I’m not in the habit of getting fobbed off,,,,, think you should take a chill pill and untangle your knickers.

If you recall sometime ago, various options re delivery of product to Carrinho had been inferred, bulk, 1 ton and 25kg bags. When I visited I came to understand that it would not be bulk and bagging direct from the Minbos process plant was being researched. I am certain that discussion on packaging will not delay converting the binding MOU to an offtake agreement and has not been the sole reason for non - conversion. There could be any number of factors in discussion or MNB may be holding off taking it to an offtake. Cards Close to Chest.

I have no concern whatsoever that an offtake agreement will be completed to fulfil the IDC condition precedent. As Red Barron has stated yesterday ;

Minbos only needs the current Carrinho MOU turned into afirm contract, that MOU had a pricing tied to RAE compared to TSP, and a 7 yearofftake tonnage of 869k tonnes with very small tonnage in year 1 & 2 (10kt& 92kt). Of course the Carrinho offtake only represents the smallersubsistence farmers, we also have the larger farms, Biocom & SARISmentioned specifically by Minbos as well as all the other Angolan commercialfarms who under Presidential decree have to buy locally & we’ll be the onlylocal supplier. Then we have the Foskor export opportunity.

Minbos have a captive market in Angola insulated by Presidential decree and that’s enough confidence for me. Patience required.