Ann: Change in substantial holding from CBA, page-37

Hi Steve, yes I agree with you that no project will proceed until they have worked their way through the legislative changes and impacts on project. However my point was that this is not the only obstacle to be faced, so when doing your due diligence you need to also look at other factors to determine whether once that obstacle has been cleared what other obstacles are also going to be in the way. Just a general comment, not stock specific.

You may also need to look at the difference between a Special Mining Licence and Mining Licence. KNL has the latter, as such I don't believe the 30% listing requirement on Tanzanian exchange applies, that's a provision that only relates to larger projects that are subject to SML provisions I believe.

The local services provisions, I think it's more working thru these to understand requirements, where Tanzanian skills aren't there yet I would gather it's a matter of working with them to build up this skill base. If companies aren't prepared to do this then they shouldn't be operating in the country. Tanzanian banking sector should be ok skill wise, again it would be a matter of clarifying what the actual requirements are re deposits, transferring funds, borrowings etc


16% seems a given on ML, SML I think there were provisions for up to 50%

Happy to be corrected if anything incorrect