At the time of the AGM, there was only one LOI with an export...

At the time of the AGM, there was only one LOI with an export customer, this customer will be importing from both Europe & Brazil. Lindsay said this customer will be importing the product as a direct application fertiliser (not for Phosphoric acid like Foskor), so they are happy to accept the product as it comes out of the plant without dust removal etc. So it is not a blend.

Although Lindsay expected BAI to come in ahead of IDC, I don't think IDC will be far away. They had feet on the ground on the date of the AGM (3 weeks ago) ensuring nothing had changed since they first did their inspection. They write their report and it goes to the credit committee for the final tick. They are apparently very happy with a more diverse customer base instead of being reliant on 1 customer (Carrinho).

The only other thing that has changed is we have requested loan draw downs be done in Mauritius instead of Angola. This avoids the 15% IVA tax, which is refundable but at Angolan speed (like a GST). When the loan was initially approved IDC didn't want to do this, now they are apparently happy to do it this way. IDC were apparently very happy the SWF invested more than ticking off that CP and that construction has started. Overall we are in a far better position than when the IDC fist signed the contract.